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Breaking News | Calcutta High Court Says LOCs Cant Be Norm For Outstanding Payment Recovery By Banks
Posted
June 12, 2023
Views
406
June 12, 2023
406
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2:59Now PlayingBreaking News: The Calcutta High Court has said that “the issuance of LOCs should be regulated and must not be a norm for the recovery of outstanding payments to the Banks as isolated and few-and-far-between cases of persons fleeing the country cannot become the uniform rationale for issuing of Look Out Circulars.”
It came after a plea filed by one Director of Jain Infra Private Limited, Manoj Jain as he had defaulted on a loan he availed from a consortium of 11 banks and was disallowed to board a UK-bound flight in 2022. The Court also observed that Jain had offered a One Time Settlement plan to two banks and also repaid the dues for all the banks. Watch the full video to know more and follow Mirror Now for the latest updates.
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