Bank Can't Open LOC As An Arm Twisting Tactic To Recover Debt: Delhi High Court

In a landmark decision, the Delhi High Court quashed a Lookout Circular (LOC) issued against Mr. Rajesh Gupta, a prominent businessman, by the Bank of Baroda. The court's ruling, delivered by Justice Subramonium Prasad, emphasized the importance of individual liberty and the stringent conditions under which LOCs can be issued. Background of the Case The LOC was issued against Mr. Rajesh Gupta due to his company's inability to repay substantial…