IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/SPECIAL CRIMINAL APPLICATION (QUASHING) NO. 3235 of 2022 FOR APPROVAL AND SIGNATURE:

HONOURABLE MR. JUSTICE ILESH J. VORA ==========================================================

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MANOJ MAHENDRA SOMANI Versus UNION OF INDIA & ORS.

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Appearance:

MR SHALIN MEHTA, SENIOR COUNSEL ASSISTED BY MR PRIYAM M SHAH(12095) for the Applicant(s) No. 1 KSHITIJ M AMIN(7572) for the Respondent(s) No. 3 MR RC KODEKAR(1395) for the Respondent(s) No. 2 MS NALINI S LODHA(2128) for the Respondent(s) No. 3 NOTICE NOT RECD BACK for the Respondent(s) No. 1 NOTICE SERVED for the Respondent(s) No. 4 MS CM SHAH, APP for the Respondent(s) No. 5 ==========================================================

CORAM:HONOURABLE MR. JUSTICE ILESH J. VORA Date : 08/05/2024

ORAL JUDGMENT

1. The applicant is before this Court calling in question a look out circular issued against him which restrains him from travelling abroad.

2. The applicant – Manoj Mahendra Somani, was stopped by the immigration ofÏcer at the Ahmedabad Airport, when he was scheduled to travel Dubai on 24.11.2021 and was informed orally that, look out circular had been opened in his name and therefore, he could not be permitted to travel at Dubai.

3. Brief facts that lead to the applicant to file this application, as borne out as pleadings are as follows:

3.1 The applicant was erstwhile Director of Gopala Polyplast Pvt Ltd Company. The company had availed a Cash Credit Facilities from the respondent no. 3 – Bank of Baroda. The applicant was one of the Directors, who had offered guarantee in his personal and individual capacity along with others for the said credit facilities. The company committed default in repayment of credit facilities. The account turned into NPA on 07.11.2019. The bank noticed the instances of diversion of funds. The forensic audit report dated 09.02.2019 was remained inconclusive, as a result, the respondent no.3 Bank sought a second forensic audit report, which was submitted on 08.01.2020. The bank found glaring irregularities in the account as observed by the auditor in his report. Bank issued a show cause notice dated 09.07.2020, declaring the applicant and others as willful defaulters. Before the aforesaid proceedings, in the month November, 2018, one Bonus Plastic Pvt. Ltd., filed a company petition against the company of the applicant, before the NCLT at Ahmedabad, to initiate corporate insolvency resolution process under the provisions of Insolvency and Bankruptcy Code 2016. By order dated 02.05.2019, the applicant and his company Gopala Polyplast were ousted and replaced by interim resolution professional for managing the affairs of the Company. Before the NCLT, one Plastena India Ltd, amongst the other had submitted EOI which was followed by submission of RP for acquiring the company during CIRP and plan was finally approved by passing order dated 07.08.2020. Pursuant to takeover by the Resolution Applicant, the Gopala Polyplast company came to be renamed as HCP Plastene Bulk Pack Ltd. The said RP approved against the claim of INR 74.01 crores, admitted by the RP, the respondent no.3 has to receive a total amount of approximately INR 71.06 crores by way of direct payment in three tranches (39.93 crores and payment by issuance of Equity Shares (31.30 crores). In addition to that, in the month of September, 2020, the Bank initiated proceedings under the provisions SARFAESI Act as well as the recovery proceedings under the DRT Act, as a result, the symbolic passion of the secured asset