M.S PRABHAKAR Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This Writ Petition is filed to declare the action of respondent Nos.1 and 2 with regard to the communication/ proceedings/Look Out Circular (LOC) issued by 1st respondent to 2nd respondent against the petitioners herein, and to declare action of the respondents in curtailing petitioners' personal liberty by preventing them from travelling abroad as illegal and consequently, to quash the said proceedings.

(2.) Heard Ms. Mytri Indukuru, learned counsel for the petitioners and Sri A.Krishnamraju, learned counsel appearing for 1st respondent " Bank, and Smt. Anjali Agarwal, learned counsel appearing for 2nd respondent, Sri N.Nagendran, learned Spl.Public Prosecutor for CBI. Perused the record.

(3.) The petitions herein are Promotors/Directors of M/s. Kadevi Industries Limited (for short, 'the Company'). The said company had obtained credit facilities in the form of Fund and Non-Fund basis limits from consortium banks which includes 1st respondent " Bank. The Indian Bank, (Lead Bank) has classified the account of the said company as Non Performing Asset (NPA). Challenging the said action, the said company had filed a Writ Petition vide W.P.No.28827 of 2021 and this Court had passed the following interim order :-