ATUL PUNJ Vs. IDBI BANK

JUDGEMENT

(1.) This petition is filed by the petitioner seeking suspension of Look Out Circular (LOC), if any, issued against the petitioner for the period between 1/11/2022 to 21/11/2022; to enable him to travel Abu Dhabi, Bahrain, Riyadh and London for his consultancy work related to his business.

(2.) The learned senior counsel for the petitioner submits the petitioner is unaware whether LOC is in operation against him but since he has an apprehension in the light of investigation being conducted by SFIO and/or on account of proceedings under the RBI fraud declaration circular in relation to the affairs of M/s.Punj Lloyd Limited (PLL) of which the petitioner herein was a promoter/director. No official communication, however, has been received by the petitioner in respect of issuance of any LOC.

(3.) It is alleged the petitioner herein was a promoter of PLL, engaged in engineering, procurement and construction (EPC) services which includes EPC services in oil, gas and infrastructure sectors and trading of steel outside India.