A Look Out Circular (LOC) was issued against the former Chairman of Jet Airways Naresh Goyal after an inspection conducted by the Corporate Affairs Ministry. They found the large-scale irregularities at Jet Airways. The airline has a negative net worth for long and has run a loss of over Rs 13,000 crore in the past few years. Therefore, it has over Rs 36,500 crore of dues.
An LOC is a circular issued by the appropriate authority to ensure that a person wanted in a criminal case does not flee from the country. Normally, an LOC can be issued when a person is escaping in a particular case and there is a fear that he may leave the country.
The petition contended that he had a permanent residency in the UK and Dubai and due to which he is needed to travel to these places. The plea has challenged the travel ban imposed upon him and seeks to quash Look Out Order against him.
Considering the public interest involved in it, the officials of the Ministry said that they will oppose the plea of Naresh goyal seeking permission to travel abroad. The plea will be heard by Justice Vibhu Bakhru.
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