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DELHI HIGH COURT
YOGESH KHANNA
Atul Punj – Appellant
Versus
IDBI Bank – Respondent
| Table of Content |
|---|
| 1. petitioner's request for loc suspension (Para 1 , 2 , 3) |
| 2. background on insolvency and investigations (Para 4 , 6) |
| 3. petitioner's travel necessity and apprehensions (Para 5 , 12) |
| 4. allegations of financial misconduct (Para 8 , 9 , 10 , 11) |
| 5. legal framework for loc issuance (Para 13 , 14 , 15) |
| 6. court's rationale against loc suspension (Para 16 , 17 , 18 , 19 , 20) |
JUDGMENT
Yogesh Khanna, J. This petition is filed by the petitioner seeking suspension of Look Out Circular (LOC), if any, issued against the petitioner for the period between 01.11.2022 to 21.11.2022; to enable him to travel Abu Dhabi, Bahrain, Riyadh and London for his consultancy work related to his business.
2. The learned senior counsel for the petitioner submits the petitioner is unaware whether LOC is in operation against him but since he has an apprehension in the light of investigation being conducted by SFIO and/or on account of proceedings under the RBI fraud declaration circular in relation to the affairs of M/s.Punj Lloyd Limited (PLL) of which the petitioner herein was a promoter/director. No official communication, however, has been received by the petitioner in respect of issuance of
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