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Deepen Arun Parekh vs State Bank Of India And 4 Ors on 9 March, 2023

"11. Having regard to the fact that - (i) Clause 8(b)(xv) of the Office Memorandum dated 27.10.2010 bearing O.M. 23016/31/2010-Imm. [which is equivalent to Clause 6(B)(xv) of the O.M. 25016/10/2017- Imm.(Pt.) dated 22.02.2021] in terms of which LOC were recommended to be issued by the aforesaid banks, has already been quashed by the Division Bench of the Bombay High Court in Viraj Chetan Shah (supra); (ii) a Coordinate Bench of this court in Rajesh Kumar Mehta (supra) has also quashed the LOC relying upon the aforesaid decision of the Bombay High Court; (iii) there is no criminal case pending against the petitioner nor there is any request of any investigating agency for the issuance of LOC in question; (iv) the petitioners are only guarantors; and (v) the banks have already availed their remedies under SARFAESI Act, this court is inclined to allow the present writ petition.
Bombay High Court Cites 4 - Cited by 2 - Full Document
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