The Delhi High Court has ruled that banks can only request the opening of look-out circulars (LOCs) against defaulters in exceptional circumstances that affect the country's economy. The court expressed dissatisfaction with banks using LOCs for debt recovery without initiating criminal proceedings, stating that there must be an application of mind before issuing such circulars.
from Banking/Finance-Industry-Economic Times https://ift.tt/9XyE2Fd
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