VINAY MITTAL & ANR. vs BANK OF BARODA & ORS.

Judgment text excerpt

$~64 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment Delivered on: 15.04.2025 + W.P.(C) 4781/2024 & CM APPL. 19524/2024 VINAY MITTAL & ANR. .....Petitioners Through: Mr. Amol Sinha, Mr. Kshitiz Garg, Mr. Rahul Kochar and Mr. Ankit Kumar, Advs. versus BANK OF BARODA & ORS. .....Respondents Through: Mr. Santosh Kumar Rout, Standing Counsel with Mr. B.N. Mishra and Ms. Shilpa Chaurasia, Adv. for R-1. Mr. Amit Tiwari, CGSC for UOI. Mr. O.P. Gaggar and Mr. Sachindra Karn, Adv. for R-4. CORAM: HON'BLE MR. JUSTICE VIKAS MAHAJAN JUDGMENT VIKAS MAHAJAN, J (ORAL) 1. The present petition has been filed seeking following reliefs: “a) Issue a writ of certiorari or any other appropriate writ or direction quashing and setting aside the impugned Look Out Circular (which are still not provided to the Petitioners) issued against the Petitioners; xxx xxx xxx c) Award cost of litigation to the tune of Rs. 1 Lac.” 2. Mr. Amol Sinha, the learned counsel appearing on behalf of the petitioners submits that the impugned Look Out Circular (in short ‘LOC’) Signature Not Verified Digitally Signed W.P.(C)No.4781/2024 Page 1 of 6 By:DEEPAK SINGH Signing Date:19.04.2025 00:20:20 has been issued against the petitioners at the instance of two banks namely, Punjab National Bank (PNB) and Bank of Baroda (BoB). 3. He submits that the petitioners were only guarantors and not the principal borrowers in the loan availed from the aforesaid banks nor they were part of the management of the borrower company. According to him, action has already been taken by the aforesaid banks against the principal borrower company under the SARFAESI Act, 2002. He further contends that the borrower company is under liquidation. 4. Mr. Sinha submits that the aforesaid banks had made a request for issuance of LOC to the Bur