Delhi High Court - Orders
Shri Deepak Singhal vs Union Of India Through Ministry Of Home ... on 20 May, 2024
Author: Subramonium Prasad
Bench: Subramonium Prasad
$~91
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 7207/2024
SHRI DEEPAK SINGHAL ..... Petitioner
Through: Mr. Ravi Sikri, Sr. Advocate with Mr.
Deepank Yadav, Ms. Kanak Grover
and Mr. Nachiket Chawla, Advocates.
versus
UNION OF INDIA THROUGH MINISTRY OF HOME AFFAIRS &
ORS. ..... Respondents
Through: Mr. Anurag Ahluwalia, CGSC with
Mr. Abhigyan Siddhant, GP and Mr.
Abhay Singh, Advocate for R-1,3 and
5.
Mr. Arun Aggarwal, Mr. Shivam
Saini and Mr. Praful Rawat,
Advocates for R-4.
Ms. Kaveri Sharma and Mr. Kartik
Mukhija, Advocates.
CORAM:
HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD
ORDER
% 20.05.2024 CM APPL. 30080/2024 (Exemption) Allowed, subject to all just exceptions.
W.P.(C) 7207/2024 & CM APPL. 30079/2024
1. Petitioner has approached this Court challenging the Look Out Circular opened against him at the instance of Bank of Baroda for the reason that the Petitioner stood guarantee for one Mahesh Timber Private Limited for availing loan from a consortium of banks, including the Bank of Baroda.
2. It is stated by the learned Counsel for the Petitioner that the default This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/05/2024 at 23:09:39 has been committed by Mahesh Timber Private Limited against which the proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 have been initiated. It is the case of the Petitioner that in view of the fact that an alternative efficacious remedy is available to the Banks and in view of the Judgment passed by the Division Bench of the High Court of Bombay vide its Judgment dated 23.04.2024 in Viraj Chetan Shah v. Union of India & Anr., W.P.(C)719/2020 quashing Clause 8(b)(xv) of the Office Memorandum dated 27.10.2010 bearing O.M. 23016/31/2010-Imm. equivalent to Clause 6(B)(xv) of the O.M. dated 22.02.2021 bearing O.M. 25016/10/2017- Imm.(Pt.) whereby the Chairman/Managing Director/Chief Executives of all Public Sector Banks could request for opening of an LOC, the LOC against the Petitioner cannot be permitted to be sustained.
3. Issue Notice.
4. Learned Counsels for Respondents accept notice and seek some time to file a reply.
5. Let the reply be filed within four weeks. Rejoinder thereto, if any, be filed within two weeks thereafter.
6. List on 07.08.2024.
7. Liberty is given to the Petitioner to move an application in case the Petitioner intends to travel abroad.
SUBRAMONIUM PRASAD, J MAY 20, 2024 Rahul This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 21/05/2024 at 23:09:39