Naresh Goyal moves Delhi HC to withdraw petition challenging LOC issued against him

The former Chairman and founder of debt-ridden Jet Airways, Naresh Goyal has moved the Delhi High Court to withdraw his petition challenging a Look Out Circular (LOC) issued against him..The matter was listed for hearing today before a Single Judge Bench of Justice Suresh Kait but could not be heard due to the absence of the Judge..In his application filed in the case, Goyal has asserted that the petition was filed by him to seek permission to travel abroad..He, however, does not want to press the petition at this stage in view of the ongoing investigation..The Court is further informed that Goyal is 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 18,000 crore 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 crore, vendor dues of over Rs 10,000 crore, and salary dues of over Rs 3,000 crore. Insolvency proceedings are presently pending before National Company Law Tribunal, Mumbai Bench.