https://www.taxtmi.com/caselaws?id=298501 Review of an order concerning a Look Out Circular was declined because the later office memorandum did not change the governing test: action on economic interests of India requires exceptional circumstances showing real harm to the national economy or public interest, not an ordinary commercial loan default. Since recovery proceedings and execution remedies were already available to the bank, LOCs could not be used as a substitute for normal debt recovery. On the contempt issue, the court treated contempt as an exceptional remedy, accepted the immigration authorities' explanation for implementation difficulty, and found no basis for coercive action. en-us Thu, 06 Feb 2020 00:00:00 +0530 Sun, 07 Nov 2021 11:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298501 Review of an order concerning a Look Out Circular was declined because the later office memorandum did not change the governing test: action on economic interests of India requires exceptional circumstances showing real harm to the national economy or public interest, not an ordinary commercial loan default. Since recovery proceedings and execution remedies were already available to the bank, LOCs could not be used as a substitute for normal debt recovery. On the contempt issue, the court treated contempt as an exceptional remedy, accepted the immigration authorities' explanation for implementation difficulty, and found no basis for coercive action. Case-Laws Indian Laws Thu, 06 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298501