The petitioner, Atul Punj, filed a writ petition challenging a Look Out Circular (LOC) issued against him at the request of the Department of Revenue and the Serious Fraud Investigation Office (SFIO). The LOC restricts his international travel. Initially, he sought to travel to the United Kingdom for business purposes in August 2024, and later modified his request to December 2024. The petitioner argues that he has been cooperating with investigations and poses no flight risk. The respondents oppose the request, citing the gravity of the allegations of financial impropriety and the potential risk of evasion. The petitioner's company, Punj Lloyd Limited (PLL), operated in the infrastructure and energy sectors. PLL faced financial difficulties and was admitted into
…Atul Punj, the petitioner, is a former Promoter and Director of Punj Lloyd Limited (PLL). A Look Out Circular (LOC) was issued against him at the behest of the Department of Revenue and the Serious Fraud Investigation Office (SFIO), restricting his international travel. PLL operated in the infrastructure and energy sectors between 1992 and 2014. Due to financial difficulties, PLL was admitted into Corporate Insolvency Resolution Process (CIRP) on March 8, 2019, following a petition by ICICI Bank Limited. During CIRP, an Avoidance Application was filed alleging suspect transactions involving PLL. CIRP proved unsuccessful, and PLL was ordered into liquidation on May 27, 2022. A forensic audit of PLL was conducted for the period 2014-2017, and PLL was classified as a
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ICICI Bank Limited filed a petition under…
PLL was admitted into…
The petitioner, Atul Punj, filed a writ petition challenging a Look Out Circular (LOC) issued against him at the request of the Department of Revenue and the Serious Fraud Investigation Office (SFIO). The LOC restricts his international travel. Initially, he sought to travel to the United Kingdom for business purposes in August 2024, and later modified his request to December 2024. The petitioner argues that he has been cooperating with investigations and poses no flight risk. The respondents oppose the request, citing the gravity of the allegations of financial impropriety and the potential risk of evasion. The petitioner's company, Punj Lloyd Limited (PLL), operated in the infrastructure and energy sectors. PLL faced financial difficulties and was admitted into
…Atul Punj, the petitioner, is a former Promoter and Director of Punj Lloyd Limited (PLL). A Look Out Circular (LOC) was issued against him at the behest of the Department of Revenue and the Serious Fraud Investigation Office (SFIO), restricting his international travel. PLL operated in the infrastructure and energy sectors between 1992 and 2014. Due to financial difficulties, PLL was admitted into Corporate Insolvency Resolution Process (CIRP) on March 8, 2019, following a petition by ICICI Bank Limited. During CIRP, an Avoidance Application was filed alleging suspect transactions involving PLL. CIRP proved unsuccessful, and PLL was ordered into liquidation on May 27, 2022. A forensic audit of PLL was conducted for the period 2014-2017, and PLL was classified as a
…ICICI Bank Limited filed a petition under…
PLL was admitted into…