Delhi High Court on Tuesday refused to give permission to Jet Airways founder Naresh Goyal to travel abroad.
Justice Suresh Kait of the High Court said no interim relief can be granted to Naresh at this stage. However, if he wants to travel abroad he may deposit Rs 18,000 crore guarantee on immediate basis, the court said.
Court quashed the plea filed, challenging travel ban imposed on him.
Court refused to stay the Look Out Circular but has sought centre’s response on the Look Out Circular (LOC) issued against him. The LOC issued by the government bars him to travel abroad.
Court has also asked the respondents to file reply by next date of hearing on 19 August.
Naresh, in his plea, said that he was de-boarded from a flight to Dubai on May 25, when no ECIR/FIR was registered against him.
He said he came to know of the LOC when he and Anita, his wife were off-loaded from a flight to Dubai with an onward connection to London.
As per reports, The Serious Fraud Investigation Office (SFIO) under the Corporate Affairs Ministry issued a circular against Naresh, after it found severe irregularities in the aviation company.
Jet Airways had halted operations in April this year due to acute cash crunch, more than 25 years after Naresh founded the airline in 1992.
On March 25, Goyal, the then Jet Airways chairman, had stepped down from the post.
Ministry of Corporate Affairs is also investigating alleged syphoning of funds and misappropriation of accounts by the airlines.
The Airline has been suffering due to fluctuating crude prices and a weak rupee and increasing competition from low-cost airlines.
The airline has to pay pending salaries of pilots, other staff; has over one billion dollars in debt and has to repay money to banks.