https://www.taxtmi.com/caselaws?id=313881 Karnataka HC held that a bank's request for Look Out Circular (LOC) against petitioner was unjustified where secured property value exceeded loan amount. The court found the travel restriction violated Articles 14, 19, and 21, noting petitioner was employed in Philippines and had returned to India for matrimonial proceedings, not to avoid loan repayment. The bank's action was deemed arbitrary and unreasonable. HC directed petitioner to deposit Rs.10 lakh with the bank and provide solvent surety, upon which the bank must request LOC withdrawal and permit travel. Petition allowed in part. en-us Mon, 20 Jun 2022 00:00:00 +0530 Mon, 06 May 2024 20:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313881 Karnataka HC held that a bank's request for Look Out Circular (LOC) against petitioner was unjustified where secured property value exceeded loan amount. The court found the travel restriction violated Articles 14, 19, and 21, noting petitioner was employed in Philippines and had returned to India for matrimonial proceedings, not to avoid loan repayment. The bank's action was deemed arbitrary and unreasonable. HC directed petitioner to deposit Rs.10 lakh with the bank and provide solvent surety, upon which the bank must request LOC withdrawal and permit travel. Petition allowed in part. Case-Laws Indian Laws Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313881