Bengaluru: In a relief for NRI businessman Bavaguthu Raghurama Shetty, the high court has allowed him to travel to United Arab Emirates to meet his family and friends.
Justice Krishna S Dixit, who passed the conditional order, suspended look out circulars (LOCs) issued against the 78-year-old businessman.
“The petitioner, who is in the evening of his life, has been retained in India for over three and a half years.His family, comprising his wife and daughter, is abroad. The right to associate with family, friends and relatives, especially when one is at an advanced stage of life, needs to be recognised,” the judge said.
Shetty owed Rs 2,324 crore to Bank of Baroda as a personal guarantor and the lender obtained a decree from an Abu Dhabi court against him over assets worth Rs 831 crore. Punjab National Bank also initiated recovery proceedings against him. Given the LOCs issued against him, Shetty has remained in India since February 2020 and moved the high court for relief.
Justice Dixit concurred with advocate BV Acharya, who argued on behalf of Shetty, that no LoC can be issued for mere recovery of loans.
Justice Krishna S Dixit, who passed the conditional order, suspended look out circulars (LOCs) issued against the 78-year-old businessman.
“The petitioner, who is in the evening of his life, has been retained in India for over three and a half years.His family, comprising his wife and daughter, is abroad. The right to associate with family, friends and relatives, especially when one is at an advanced stage of life, needs to be recognised,” the judge said.
Shetty owed Rs 2,324 crore to Bank of Baroda as a personal guarantor and the lender obtained a decree from an Abu Dhabi court against him over assets worth Rs 831 crore. Punjab National Bank also initiated recovery proceedings against him. Given the LOCs issued against him, Shetty has remained in India since February 2020 and moved the high court for relief.
Justice Dixit concurred with advocate BV Acharya, who argued on behalf of Shetty, that no LoC can be issued for mere recovery of loans.