PUNIT AGARWAL Vs. RESERVE BANK OF INDIA
HIGH COURT OF BOMBAY
RESERVE BANK OF INDIA
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(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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