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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

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

Banks can t use LOC as measure to recover money: Delhi High Court
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Nipun singhalJustice subramonium prasadDelhi high courtLook out circularsLook out circularLloyd electricEngineering limitedSubramonium prasadFinancial assetsSecurity interest actBankruptcy code

Banks Can t Use Look Out Circulars As Measure To Recover Money From Creditors: Delhi High Court

The Delhi High Court has observed that banks cannot use Look Out Circulars (LOCs) as a measure of recovering money from creditors just because they feel remedy available under law is not sufficient..

Justice subramonium prasadNipun singhalJustice prasadDelhi high courtMinistry of corporate affairsLook out circularsSubramonium prasadLook out circularFinancial assetsSecurity interest actBankruptcy codeLloyd electricEngineering limitedShow cause noticeCorporate affairsLook out circular