'Rs 3,300 crore loan', SC stays Bombay HC order permitting UIL Chairperson to travel abroad

by IANS |

New Delhi, March 16 (IANS) The Supreme Court on Thursday stayed the Bombay High Court order, which allowed Ushdev International Ltd (UIL) Chairperson Suman Vijay Gupta to travel abroad on an undertaking.

Solicitor General Tushar Mehta mentioned the matter for urgent orders before a bench headed by Chief Justice of India D.Y. Chandrachud and comprising Justice P.S. Narasimha.

Mehta submitted that Gupta took up the citizenship of the Dominican Republic after the declaration of her account as Non Performing Asset (NPA), and she has been permitted to travel by the orders dated March 10, and 14 of a division bench of the high court. "It has been submitted that this order was despite a contrary view which was taken on July 3, 2020 by a coordinate Division Bench of the High Court," noted the apex court.

Staying the high court orders, the bench said: "Pending further orders, there shall be a stay of the operation of the impugned orders dated March 10, 2023 and March 14, 2023."

The apex court's order came on a plea by State Bank of India against the Bombay High Court orders dated March 10 and March 14.

Mehta submitted that they had faced a bad experience with travelling on undertaking and added that she is a Chairperson of a company and there is a loan of over Rs 3,000 crore, which have now become nearly Rs 3,700 crores.

He added that SBI declared the company as a NPA and as soon it was declared NPA, she renounced Indian citizenship and took the citizenship of the Dominican Republic, a country with whom India have no extradition treaty.

The apex court was informed that a look-out circular was issued under the office memorandum and it was challenged before the high court.

After hearing submissions, the apex court issued notice on the SBI's plea and listed the plea for further hearing on March 24.

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