Delhi HC allows businessman to go abroad, keeps bank guarantee of Rs 100 crores

New Delhi: The Delhi High Court on Monday allowed a businessman to go abroad for medical treatment and directed him to furnish a bank guarantee of Rs 100 crores.

The bench of Justice Subramonium Prasad on Monday said, "considering the fact that the petitioner wants to go abroad for the purpose of his medical treatment and material on record does suggest that the petitioner is a patient of epilepsy and is being treated by a doctor in Boston, USA from 2010, this Court is inclined to permit the petitioner to go to Boston, USA only for the purpose of medical treatment from 06.09.2023 to 18.09.2023."

The Petitioner herein has not been named in the FIR or in ECIR nor has any complaint is registered against him. Material on record indicates that the Petitioner has been called for investigation on eight dates and the Petitioner has appeared before the office of Enforcement Directorate on all the dates, noted the courts.
Court noted that, Businessman Anant Raj Kanoria has filed the petition seeking quashing of a Look Out Circular (LOC) opened against him. The Businessman by way of the present application, has approached this Court seeking permission to travel to the United States of America from 03.09.2023 to 18.09.2023 for the purpose of his medical treatment.

Court further noted that the two companies, namely, SREI Infrastructure Finance Ltd. ("SIFL") and SREI Equipment Finance Limited, ("SEFL") which are non-banking finance companies registered in Kolkata and are engaged in the business of financing of Infrastructure and Equipment. Material on record reveals that an FIR was registered against members of Kanoria Family, who were running the aforesaid two companies, under section 420, 467, 468, 471, 474, 476, 323, 504, 506, 511 and 120B of Indian Penal Code, 1860 at Kotwali Jaunpur, U.P.

It is stated that one Hari Prasad Kanoria and his sons, namely, Hemant Kanoria, Sujit Kanoria and Sunil Kanoria are the promoters and directors of the Kanoria Group. The Petitioner herein is the son of Sunil Kanoria. It is stated that the Petitioner was one of the beneficiaries of the Kanoria Foundation which is the promoting entity of SIFL and SEFL through another company called Adisri Commercial Private Limited which holds over 60 percent shares in SIFL, whereas the SEFL is a wholly owned subsidiary of SIFL, noted the court.

Material on record further reveals that the aforesaid two companies i.e., SIFL and the SEFL defaulted on the repayment of dues to their creditors and, thereafter, insolvency proceedings have been initiated against SIFL and SEFL, and the total claim comes out to be over Rs.32,000 crores and more than Rs.10,000 crores have been reported as Fraudulent Transactions, further noted the court.

Senior Advocate Dayan Krishnan alongwith Advocates Ankur Chawla, Abhimanyu Bhandari, Mudit Jain, Arav Pandit, appeared for the Businessman Anant Raj Kanoria, while Ajay Digpaul, Centre Government standing counsel with Kamal Digpaul, Swati Kwatra, Ishita Pathak, Advocates appered for Union of India. Advocates Ravi Prakash, Sr. StandingCounsel with Aman Rewaria,Yasharth Shukla appered for Enforcement Directorate in the matter.