In a significant ruling, the Bombay High Court ruled on Tuesday that public sector banks do not have the power in law to issue Look-Out Circulars (LOCs) against default borrowers, whether they are Indian citizens or foreigners.
A bench of Justices Gautam Patel and Madhav Jamdar held as unconstitutional the clause of an office memorandum issued by the Central government, which empowers the chairmen of public sector banks to issue LOCS against default borrowers.
The bench refused to stay the order, as requested by the Union government's counsel Aditya Thakker.
In effect, the high court has quashed all the LOCs against defaulters issued by public sector banks. The court has also directed the Bureau of Immigration not to act upon such LOCs.
The bench has, however, clarified that the judgment would not affect those orders issued against any defaulter by a tribunal or a criminal court, restraining them from travelling abroad.
However, PSBs are at liberty to approach courts or tribunals to get LOCs issued against defaulters.
Diese Geschichte stammt aus der April 24, 2024-Ausgabe von The Free Press Journal.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der April 24, 2024-Ausgabe von The Free Press Journal.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
IT'S YOUR GRANDMA SERVING
Brunch & Cake believes in recreating grandma's magic and satiate the Mumbaikars with their scrumptious food
Singing for a cause
Singer Sudesh Bhosale talks about his upcoming charity concert and more
Holistic approach to stiff fingers
SELF HEALING
Digital dangers
Tips for Gen Z to protect themselves from catfishers and similar threats
TINY TRENDSETTERS
Indian cities are seeing the rise of microdog breeds as an adorable but practical trend: imagine bustling street corners where an adorable Pomeranian strolls alongside its owner, charming passersby with its irresistible charm.
Relieve rotator inflammation
Rotator cuff tendinitis is a common condition that involves inflammation of the tendons in the rotator cuff, a group of muscles and tendons that stabilize the shoulder joint. It often causes pain, stiffness, and limited shoulder movement.
How to care for shrimp
From my childhood I was always fascinated towards smaller animals as nature might have made them micro but packed them with macro colors when viewed.
How cats eat? A look at their nutrition
A look at their nutrition
HOW TO STOP WILTING IN WINTER
Succulents are tough little plants, but even they can feel the bite of winter. If you've noticed your succulents wilting when the cold weather hits, you're not alone.
High-performance new KTM bikes now in India
KTM has significantly expanded its lineup in India, launching 10 globally recognised motorcycles across four unique segments.
