https://www.taxtmi.com/caselaws?id=304554 A Lookout Circular affecting travel rights must be supported by contemporaneous, disclosed and objectively verifiable material showing prima facie satisfaction that the case falls within the exceptional grounds under the governing office memoranda. A cryptic bank request, unsupported by objective reasons and relying only on association with a defaulting company or the existence of dues, was held insufficient to justify such a restrictive measure. Later show-cause proceedings could not cure the defect in the original circular. The circular was therefore unlawful and was set aside, reaffirming that it cannot be used as a substitute for ordinary recovery measures. en-us Fri, 24 Dec 2021 00:00:00 +0530 Sat, 12 Nov 2022 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304554 A Lookout Circular affecting travel rights must be supported by contemporaneous, disclosed and objectively verifiable material showing prima facie satisfaction that the case falls within the exceptional grounds under the governing office memoranda. A cryptic bank request, unsupported by objective reasons and relying only on association with a defaulting company or the existence of dues, was held insufficient to justify such a restrictive measure. Later show-cause proceedings could not cure the defect in the original circular. The circular was therefore unlawful and was set aside, reaffirming that it cannot be used as a substitute for ordinary recovery measures. Case-Laws Insolvency and Bankruptcy Fri, 24 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304554