PUNIT AGARWAL Vs. RESERVE BANK OF INDIA
LAWS(BOM)-2020-3-365
HIGH COURT OF BOMBAY
Decided on March 04,2020

Punit Agarwal Appellant
VERSUS
RESERVE BANK OF INDIA Respondents

JUDGEMENT

- (1.) The only prayer pressed in the Interim Application is prayer clause (c) which reads as follows: "(c) That pending the hearing and final disposal of this Petition, this Hon'ble Court be pleased to stay the Look Out Circular issued against the Applicant."
(2.) The Writ Petition has been filed challenging the classification of the Applicant/Petitioner as willful defaulter by the Respondent No. 2-Bank. The learned Counsel for the Applicant/Petitioner submits that the Applicant/Petitioner seeks to travel to Boston, USA, to complete his 3 rd and final unit of the Management programme conducted by Harvard Business School, which is scheduled from 8th March, 2020 to 26th March, 2020. It is submitted that in view of the Look Out Circular restrictions have been placed on the Applicant/Petitioner leaving India thereby violating his personal liberty and freedom of movement.
(3.) The Applicant/Petitioner was one of the Directors of M/s Promart Retail India Private Limited (hereinafter referred to as "the Company") who had obtained a loan from the Respondent No. 2- Bank for a sum of Rs.62,90,00,000/-. The Applicant/Petitioner stood guarantor in respect of the said loan. After making some payments, the Company defaulted on the loan. We are informed that a Recovery Certificate has been issued by the DRT for a sum of Rs.25 Crores approximately. The Applicant/Petitioner has been declared as willful defaulter by the Respondent No. 2-Bank and at the instance of the Respondent No. 2-Bank a Look Out Circular has been issued against the Applicant/Petitioner.;


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