RUDRARAJU SRINIVAS SHAH Vs. UNION OF INDIA

JUDGEMENT

(1.) This Writ Petition is filed to declare the action of respondents in depriving the privilege of the petitioner to travel abroad, under the guise of pendency of FIR No. RC03520200A0002 dtd. 16/4/2020 registered by 4th respondent, as illegal and consequently direct the respondents not to deprive him from the said privilege.

(2.) Heard Sri K.Raghavacharyulu, learned counsel for the petitioner and Sri B.Harinath, learned counsel appearing for 5th respondent " Bank, and Sri N.Nagendran, learned Spl. Public Prosecutor for CBI appearing for 4th respondent and Sri Namavarapu Rajeshwar Rao, learned Asst. Solicitor General of India for respondent Nos.1 to 3. Perused the record.

(3.) The petitioner herein is a Non-Executive Director of M/s Kyori Oremin Limited (for short, 'the company') which was importing and trading in coal. The said company has availed certain credit facilities to the tune of Rs.28.00 Crores from 5th respondent " Bank. The account of the said company is classified as Non Performing Asset (NPA). 5th respondent - Bank has filed a suit before the DRT, Hyderabad. 5th respondent " Bank has also lodged a complaint with 4th respondent " CBI alleging that the loan account of the said company is a fraudulent one. The above said company had submitted One Time Settlement (OTS) proposal with 5th respondent " Bank and the same was also approved on 31/12/2019. Subsequently a revised OTS proposal dtd. 14/5/2020 was approved. The OTS amount was paid on 14/8/2020, the 5th respondent has issued even No Dues Certificate and released the personal guarantees of the petitioner. All original documents were returned. But 5th respondent has issued LOC against the petitioner herein. The petitioner herein is now intending to travel United States of America and other countries for his business purpose from 29/7/2022 to 31/8/2022 and he also undertakes to return to India. Earlier when the investigating agency, while investigating a case in R.C.No.11 of 2018, dtd. 3/7/2018, in respect of loan from Central Bank of India, did not permit the petitioner herein to travel abroad, he approached this Court by way of filing a writ petition vide W.P.No.9604 of 2019 and this Court passed interim order. Pursuant to the said orders, the petitioner travelled abroad and returned to India.