Single Judge Bench of Delhi High Court held as follows,

What clearly emerges is that in the aforesaid case, the Court was dealing with a situation, where a FIR had already been lodged and a criminal investigation was ongoing against the person against whom the LOC had been issued. The same was the situation in S. Martin v. Deputy Commissioner of Police SCC OnLine Mad 426. In the present case, as has already been noted, no proceedings under any penal law have, in fact, been initiated against the petitioner. These decisions are therefore, clearly distinguishable and do not, in any manner forward the case of the respondents.

Citations : [2022 SCC ONLINE DEL 97]

Other Sources :

https://indiankanoon.org/doc/172206187/

https://www.casemine.com/judgement/in/61e011eb9fca1952d4e03e62

Index of judgments about Look Out Circular Notices is here.