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TMI Blog2024 (12) TMI 1410X X X X Extracts X X X X X X X X Extracts X X X X ..... ummoned by the Investigating Agencies and has disclosed the required information. The learned senior counsel on 24.12.2024, on instructions, had undertaken before the learned Single Judge that should the appellant require the respondent s presence, the respondent will return to the country within five days of receiving such intimation, subject to flight availability . Moreso, the appellant has further failed to disclose the time frame within which the pending investigations shall be concluded. Needless to say, that in such circumstances, the respondent cannot be deprived of his right to travel abroad. There are no infirmity in the order passed by the learned Single Judge, which has imposed various conditions upon the respondent while granti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021, Corporate Debtor filed a Company Petition bearing CP (IB) No.197/PB/2021 under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal, New Delhi (NCLT), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) for the aforesaid company. The respondent herein was transposed as the Financial Creditor in the Company Petition. 3. While the Company Petition was pending adjudication, an FIR bearing No.63/2021 was registered by the Economic Offences Wing (EOW), Delhi Police against the Corporate Debtor and its Directors on 13.04.2021, under Sections 406, 420 and 120B of the Indian Penal Code, 1860 (IPC). Vide the order dated 06.06.2022, the NCLT dismissed the afore-mentioned Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Issue a Writ of Certiorari for quashing/revocation of the Look Out Circular(s) issued by the Respondents against the Petitioner; and c. Pass any such other and further orders as this Hon'ble Court may deem necessary, just and proper in view of the facts and circumstances of the present case. c. Pass any such other and further orders as this Hon'ble Court may deem necessary, just and proper in view of the facts and circumstances of the present case. 6. In the said Writ Petition, the respondent, on 11.12.2024, filed an application bearing CM APPL No. 73194/2024, seeking permission to travel abroad to Dubai and Europe from 22.12.2024 to 01.02.2025 and praying that his LOC be suspended in the interim. On 24.12.2024, the appellant herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication under Section 10 of the IBC with malicious and fraudulent intentions. Further, the NCLT also observed that the Corporate Debtor has 285 cases pending before different fora and in order to escape liability, the Corporate Debtor is seeking shelter in the CIRP. The NCLT also observed that the Corporate Debtor, inter alia, attempted to play fraud on its stakeholders and the State exchequer by accepting cash and issuing plain paper receipts, therefore, inducing the clients to pay a lower price on paper. 9. Mr. Tiwari, while culminating, contends that the respondent is a flight risk and while his Fundamental Right to travel abroad is well recognized, the rights and interests of the investing public cannot be ignored. 10. At the outset, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is, learned senior counsel submits that the LOC is not issued pursuant to the commission of a cognizable offence, but only to investigate the affairs of the company. 12. The learned senior counsel vehemently urges that the respondent has always cooperated with the investigating authorities in pursuance to the notices/summons received by him. The respondent has also provided documents which have been sought from the Corporate Debtor. He submits that all documents and information sought from the respondent has already been obtained and therefore, it would serve no purpose if the respondent s right to travel abroad is curtailed. Further, the appellant is not investigating any criminal offence or fraud against the bank, it is only investigating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the respondent is a cognizable offence. Moreso, the respondent has not disclosed all his assets; thus, he prayed that the impugned order be set aside. 16. We have heard the submissions made on behalf of the parties and perused the record. 17. It is undisputed that the investigation in the present case has been pending since 06.06.2022 and with respect to the FIR registered by EOW on 13.04.2021, no Charge Sheet has been filed till date. Further, the petitioner has been involved in the investigation whenever he has been summoned by the Investigating Agencies and has disclosed the required information. 18. In this regard, we may note that the learned senior counsel on 24.12.2024, on instructions, had undertaken before the learned Single ..... X X X X Extracts X X X X X X X X Extracts X X X X
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