VISHAMBHAR SARAN Vs. BUREAU OF IMMIGRATION

JUDGEMENT

(1.) The petitioner who was a Director of Visa Power Limited, has challenged the request for issuance of a Look Out Circular (in short LOC) made by the respondent No.2.The petitioner has prayed for quashing of the request originated by the Managing Director and Chief Executive Officer, Bank of Baroda, (in short BOB). Visa Power Limited (hereinafter referred to as the said company) is currently in liquidation in terms of the order dated October 11, 2018 passed by the National Company Law Tribunal ( in short NCLT), Kolkata Bench.

(2.) When the petitioner was a director of the said company, the said company availed of credit facilities from a consortium of several banks. One such bank was the respondent No.2. A term loan was sanctioned by the said consortium sometime in 2010. The lead bank was the Punjab National Bank (in short PNB). Such loan was for the purpose of setting up a thermal power project in Raigarh.

(3.) The project viability and the financial closure were based on the captive coal block allocation made in favour of the said company by the Government of India. According to the petitioner, due to the en-mass cancellation of coal block allocations by the Hon"ble Supreme Court by an order dated September 24, 2014, the said company could not commence operations and its account was declared as a Non-Performing Asset (NPA) by the lenders on March 31, 2016.