India, March 6 -- The Bombay High Court has declined to permit a Hong Kong-based Indian-origin businessman to travel overseas while a Look-Out Circular (LOC) issued against him remains in force, citing concerns that allowing him to leave the country could hamper recovery of the outstanding dues of Rs.242 crore of the loan he had borrowed from Bank of Baroda.

A division bench of Justices Sarang Kotwal and Sandesh Patil, in an order dated February 23, which was made public recently, rejected the application filed by businessman Pradeep Agarwal seeking suspension of the LOC and permission to undertake multiple international trips.

Agarwal had urged the court to allow him to travel abroad, arguing that previous permissions granted by the hi...