Request by Bank for issuance of ‘Look Out Circular’ for recovery of dues was unjustified unless it affects economic interest of country

Leena Rakesh Vs Bureau of Immigration (Karnataka High Court) Conclusion: Request by Bank for issuance of ‘Look Out Circular’ for recovery of dues was unjustified as the  action of Bank was arbitrary, unreasonable and unfair because the Bank was holding security of value of which was more than the amount due from assessee. Any action of the State if it was arbitrary and unreasonable was liable to be interfered. Held: Assessee along with her husband had obtained loan from the UCO Bank in December 2014. The couple has not paid the instalments from September 2019 and were due in a sum...