Delhi HC allows Naresh Goyal to withdraw petition challenging LOC against him

The Delhi High Court today allowed former Chairman and founder of the debt-ridden Jet Airways, Naresh Goyal to withdraw his petition challenging a Look Out Circular (LOC) issued against him..In his application, Goyal had asserted that the petition was filed by him to seek permission to travel abroad at that time..He, however, does not want to press the petition at this stage in view of the ongoing investigation against him..The Court was further informed that Goyal was extending his “full cooperation in the investigation” pursuant to the summons issued to him..The LOC was issued against Naresh Goyal at the insistence of the Serious Fraud Investigation Office (SFIO) under the Ministry of Corporate Affairs. Pursuant to the LOC, Goyal and his wife Anita were deplaned from a Dubai-bound flight on May 25..In his petition, Goyal had claimed that he is a law-abiding citizen and that he was travelling to Dubai to meet certain investors for resuming the operation of Jet Airways. Goyal had alleged that he was not provided with a copy of the LOC in spite of several inquiries, and was thus denied an opportunity to clarify his stance..On the last hearing, the Court had remarked that Goyal could go abroad if he was ready to give Rs 18,000 crores as bank guarantee..Jet Airways owes over Rs 8,000 crore to lenders, including the consortium of banks led by State Bank of India. The airline also has a large debt by way of accumulated losses to the tune of Rs 13,000 crores, vendor dues of over Rs 10,000 crores, and salary dues of over Rs 3,000 crores. Insolvency proceedings are presently pending before National Company Law Tribunal, Mumbai Bench..Bar & Bench is available on WhatsApp. For real-time updates on stories, Click here to subscribe to our WhatsApp.