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2020 (10) TMI 1069 - HC - Insolvency and BankruptcyStay to the Look Out Circular (LOC) issued against the Applicant/Petitioner - Permission to travel abroad at the earliest - HELD THAT:- Admittedly, the Applicant has been at the helm of the affairs of the UIL since its incorporation as stated in para 5 of the Writ Petition. UIL has availed various credit facilities from consortium of Banks comprising of Respondent No.3-State Bank of India (Lead Bank), Central Bank of India, Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Dena Bank, Andhra Bank, ICICI Bank, IDBI Bank, Bank of Baroda, Oriental Bank of Commerce. The financial facilities availed of by UIL were to the tune of ₹ 2,500 crores. The loan account of the UIL was classified as NPA on 2 October 2016 and the outstanding dues of UIL as of today are stated to be close to ₹ 3,300 crores. On further query as regards Mr. Prateek Gupta who is also one of Directors of UIL as also the guarantor (and against whom also the Complaint is filed by the Respondent No.3-SBI) and who is stated to be the son of the Applicant, it is stated that he is also residing abroad. Perusal of the medical papers of the Applicant shows that the Applicant is not suffering from any serious illness and which cannot be treated in Mumbai. If the Applicant is permitted to travel abroad, the likelihood of securing her presence in Mumbai seem remote, if investigation is to be carried out by CBI. In the Interim Application, the Applicant has averred in paragraph 17 that due to the suspension of Air Travel on account of Covid-19 pandemic, no family member of the Applicant was able to travel to Mumbai. Now that the Air Travel restrictions are easing and/or in the process of being eased, the Applicant’s family members can travel to Mumbai to be with her. Interim Application is dismissed.
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