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Jul 23, 2024

BHC Struck Down Provisions Empowering Issuance of LOCs Against Loan Defaulters

The BHC in the case of Viraj Chetan Shah v. Union of India and Ors.[1], inter alia, held that Look Out Circulars (‘LOCs’) issued against loan defaulters by the Ministry of Home Affairs at the behest of public sector banks (‘PSBs’) violate Articles 14 and 21 of the Constitution on the ground that the provisions governing Office Memoranda that empowered PSBs to seek LOCs against loan defaulters is ultra vires Article 14 as it is an impermissible and an invalid classification, therefore manifestly arbitrary.

Further, the High Court held that banks would be at liberty to apply to the relevant Court under applicable law for an order against an individual borrower, guarantor or person indebted, restraining such person from travelling overseas and may invoke powers under the Fugitive Economic Offenders Act, 2018 for issuance of any LOCs.

[1] Viraj Chetan Shah v. Union of India and Ors., 2024:BHC-AS:4598-DB.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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