Bombay HC rules banks can't issue Look Out Circulars against defaulters
The Bombay High Court declared that issuance of Look Out Circulars (LOC) by public sector banks against default borrowers without a specific law violates fundamental rights. The court quashed the Centres decision empowering banks to request LOCs, stating executive actions cannot infringe constitutional rights without legal basis.
Madhav Jamdar Gautam Patel Office Memorandum Bombay High Court Office Memorandums Union Ministry Of Home Affairs
Source: indiatimes.com