Sunil Kumar Agarwal Vs Serious Fraud Investigation Office and Others (Calcutta High Court)
Calcutta High Court held that Look Out Circular is quashed since the investigation is going on and no interim report is submitted. Thus, as on date there is no cognizable case initiated against petitioner under the Indian Penal Code.
Facts- The petitioner was one of the managerial personnel of one Company engaged in the business of the construction in India including its specialization in the infrastructure construction segment which includes buildings and highways. The State Bank of India had filed an application u/s. 7 of the Insolvency and Bankruptcy Code, 2016. The Company was admitted in Corporate Insolvency Resolution Process (CIRP) on 30th November, 2021. During the CIRP, the Resolution Professional has been in charge of the affairs of the Company. At the instance of the Resolution Professional, a Transaction Audit Report was prepared by a Forensic Auditor dated 30th July, 2022. The Auditor did not find any fraud in the transaction carried out by the Company through its Board of Directors.
By an order dated 10th July, 2025, this Court directed the Serious Fraud Investigation Office (SFIO) to file report by way of an affidavit disclosing all the facts and figures. The Deputy Director, Serious Fraud Investigation Office, has filed affidavit. In the said affidavit, the SFIO has not disclosed any Look-Out Circular and subsequently the Learned Deputy Solicitor General of India has placed a sealed cover envelope containing Look-Out Circular.
