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Public sector banks may get legal teeth on issuing lookout circulars

This follows a decision by the Bombay High Court earlier this week that said public sector banks (PSBs) dont have the power to recommend, or ask, the central government for the issuance of LOCs against defaulting borrowers.

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LIVE Voter Turnout: Lok Sabha Election 2024

Voter turnout for all of the 102 Lok Sabha constituencies voting in the 1st Phase of the 2024 Lok Sabha elections on April 19, 2024.

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Banks can t use lookout circulars as tool to recover money, says High Court : The Tribune India

Banks can t use lookout circulars as tool to recover money, says High Court : The Tribune India
tribuneindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneindia.com Daily Mail and Mail on Sunday newspapers.

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Banks can t use LOC as measure to recover money: Delhi HC

The court observed that in the present case, on the day when the LOC was issued, the petitioner was not an accused in any case and there was no material on record to show that his arrest was even contemplated.

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Banks can t use Look out Circulars as measures to recover money from creditors, says Delhi High Court | Delhi News

The HC passed the order in a case where the petitioner, who had worked with Lloyd Electric and Engineering Limited from 2010 to 2017, was issued an LOC at the instance of the bank for the transactions that had taken place after his resignation.

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