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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.
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.
Akhaura-Agartala railway to create Bangladesh-India new trade potentials
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....
The CBI has arrested an Executive Director of GAIL in connection with the alleged Rs 50 lakh bribery case in which money changed hands to favour some contractors in the gas pipeline projects.