2025 (11) TMI 787 - SCH - Companies Law

Higher authority declines to interfere with suspension of Look-Out Circular for foreign resident pending petition, subject to existing conditions

Union Of India & Anr. Versus Inderpreet Singh Wadhwa & Anr.

The SC declined to interfere with the HC's order suspending the operation of the impugned Look-Out-Circular against the petitioner (a foreign resident) ... Quashing of the Look-Out-Circular (LOC) opened against the petitioner (foreign resident) - whether the LOC ought to remain operative during the pendency of the present petition? - Investigations against alleged diversion or misuse of public funds of Gensol Engineering - it was held by High Court that 'This Court finds it appropriate to suspend the operation of the impugned LOC during the pendency of the present petition, subject to the conditions imposed.' HELD THAT:- It is not inclined to interfere with the impugned judgment and order passed by the High Court in view of the clear and categorical condition(s) recorded by the High Court. The Special Leave Petition and the accompanying interlocutory application(s), if any, stands disposed of. The Court declined to disturb the High Court's decision, noting it was 'not inclined to interfere with the impugned judgment and order passed by the High Court in view of the clear and categorical condition(s) recorded by the High Court.' The Court also recorded counsel's undertaking that the respondent 'undertakes to return India as and when the petitioner or his agency require his presence.' In view of these observations and the recorded undertaking, the Special Leave Petition and the accompanying 'interlocutory application(s), if any, stands disposed of.' The ruling rests on deference to the High Court's conditions and the enforceable assurance of the respondent's availability, forming the basis for refusal to grant further relief.