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Anil Rai Gupta: Staying In The Game To Build An Institution At Havells

Anil Rai Gupta: Staying In The Game To Build An Institution At Havells
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Banks can t use lookout circulars as tool to recover money, says High Court : The Tribune India

Banks can t use lookout circulars as tool to recover money, says High Court : The Tribune India
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New delhiNipun singhalJustice subramonium prasadDelhi high courtLloyd electricEngineering limitedSubramonium prasad

Banks can t use LOC as measure to recover money: Delhi HC

The court observed that in the present case, on the day when the LOC was issued, the petitioner was not an accused in any case and there was no material on record to show that his arrest was even contemplated.

Nipun singhalJustice subramonium prasadHolding locsDelhi high courtLook out circularsLook out circularLloyd electricEngineering limitedSubramonium prasadFinancial assetsSecurity interest actBankruptcy code

Banks can t use Look out Circulars as measures to recover money from creditors, says Delhi High Court | Delhi News

The HC passed the order in a case where the petitioner, who had worked with Lloyd Electric and Engineering Limited from 2010 to 2017, was issued an LOC at the instance of the bank for the transactions that had taken place after his resignation.

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loc: Banks can t use LOC as measure to recover money: Delhi HC

The Delhi High Court has ruled that banks cannot issue Look Out Circulars (LOCs) as a means to recover money. The court stated that LOCs cannot be opened based on the mere possibility of a person being accused in a criminal case, as this infringes on the individual s right to travel abroad, which is a fundamental right.

Nipun singhalJustice subramonium prasadDelhi high courtLook out circularsLook out circularLloyd electricEngineering limitedSubramonium prasadFinancial assetsSecurity interest actBankruptcy codeBank of barodaDelhi hcLloyd electric and engineering limited