SAMARTH NARANG Vs. UNION OF INDIA

JUDGEMENT

(1.) By this order I shall decide an application being CM Appl. 3397/2022 filed by the petitioner with the following prayers:-

(2.) Mr. Mehta stated that the petitioner who is citizen of Singapore be permitted to travel by suspending the lookout circular ('LOC' hereinafter) for a period as deemed to be fit and appropriate by this Court. According to him, the LOC has been issued by the respondent No. 2 at the request of respondent No. 3. The petitioner was a partner of the firm M/s. United Exports between the year 2013 and 2015, after which the petitioner resigned from the partnership firm, which was the principal borrower. Between the period of 2013 and 2015, the credit facilities were renewed in the year 2014 and 2015 by the respondent No. 3 Bank. He stated that the petitioner was a guarantor to the credit facilities taken by the firm, M/s. United Exports.

(3.) He stated for non-payment of loan by the firm, the same has been declared as NPA as a result of which the firm, the partners and the petitioner have been declared as willful defaulters. The petitioner has also challenged the declaration of willful defaulter by the respondent No. 3 Bank.