Look-Out Circular quashed as default of loan payable outside India cannot restrict foreign travel

Manan Goel Vs Union of India & Ors. (Delhi High Court) Delhi High Court held that simple default of loan payable outside India cannot restrict Indian Citizen to travel abroad since there is no civil or criminal proceedings against petitioner in India. Thus, impugned Look-Out Circular quashed. Facts- The petitioner is an Indian citizen, residing in Delhi, and one of the Directors of Gulf Petrochem FZC, UAE. Notably, the Sharjah Branch of respondent No. 5 (Bank of Baroda), between 2011 and 2019, extended credit facilities amounting to AED 95 million (approximately ₹195 crores) to Gulf Pet...