https://www.taxtmi.com/caselaws?id=313973 Delhi HC quashed Look Out Circular (LOC) issued by Bank of Baroda against petitioners who were guarantors of a borrowing company. Court held that LOCs cannot be opened merely for debt recovery without criminal proceedings or proper application of mind by authorities. The right to travel abroad under Article 21 cannot be arbitrarily restricted. Since no criminal case existed against petitioners, who were only guarantors not involved in company management, and One-Time Settlement was pending with extended payment deadline, the LOC was unjustified and unsustainable. en-us Tue, 19 Sep 2023 00:00:00 +0530 Fri, 10 May 2024 06:55:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313973 Delhi HC quashed Look Out Circular (LOC) issued by Bank of Baroda against petitioners who were guarantors of a borrowing company. Court held that LOCs cannot be opened merely for debt recovery without criminal proceedings or proper application of mind by authorities. The right to travel abroad under Article 21 cannot be arbitrarily restricted. Since no criminal case existed against petitioners, who were only guarantors not involved in company management, and One-Time Settlement was pending with extended payment deadline, the LOC was unjustified and unsustainable. Case-Laws Companies Law Tue, 19 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313973