ED opposing the bail said the case was sensitive, involving money generated from organised crime, and its suspected use for terror financing.
The central investigating agency told the court that the accused was a "close confidant" of Mirchi and possessed the power of attorney to execute deals.
The firm is being probed by the Enforcement Directorate for carrying out transactions with and buying properties from the late Iqbal Mirchi.
In its written reply filed before special judge P Rajvaidya, the ED said the accused played a 'very crucial role' in the laundering of huge amounts of crime proceeds.
Kundra was asked by the agency to appear on November 4 but it is understood that he sought an early date to depose owing to some engagement at that time.
Rinku Deshpande has acknowledged being a 'fake confirming party' in the deal and accepted receiving Rs 30.40 crore.
Rinku Deshpande, about 45 years of age, was placed under arrest under the provision of the Prevention of Money Laundering Act.
Merchant was arrested after several property deals, including those related to Patel, on behalf of Mirchi and his family members were found routed through him.
DHFL allegedly had business links with Sunblink Real Estate, the firm at the heart of investigations into the financial dealings of Mirchi.
An ED official claimed on Friday night that Patel, the NCP leader and the former union minister 'did not cooperate' with the inquiry.
The Enforcement Directorate has summoned Patel on October 18 in connection with a probe into alleged illegal assets of Mirchi.
The Enforcement Directorate has summoned Patel on October 18 in connection with its money laundering probe linked to alleged illegal assets of Mirchi.
The ED action comes 3 days after an underworld-politics nexus came to light with Patel's alleged links with Dawood Ibrahim's close aide.
NCP leader Patel was a member of the Union Cabinet and served as civil aviation minister from 2004 to 2009 in the first term of the UPA government led by the Congress.