AJAY MRIG Vs. UNION OF INDIA

JUDGEMENT

(1.) The Petitioner has approached this Court challenging the Lookout Circular dtd. 26/5/2022 issued against the Petitioner by the Bureau of Immigration at the request of the State Bank of India.

(2.) The facts of the case reveal that the Petitioner is a Promotor-Director in the ACB (India) Limited (hereinafter called as 'ACBIL'), which is engaged in the core business of coal beneficiation and power generation. It is stated that the Petitioner holds 5.75% shares of the ACBIL. It is stated that the ACBIL availed multiple term loans from various banks and financial institutions including the State Bank of India for business operations and working capital requirements.

(3.) It is stated that due to the outbreak of COVID-19 pandemic, the business of the company had suffered and ACBIL planned for restructuring of its debt under the Resolution Framework for COVID-19 related stress dtd. 6/8/2020 read with the RBI Circular dtd. 7/9/2020.