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2013 (2) TMI 86 - DELHI HIGH COURTWinding up petition - Secured creditors - preference over other secured creditors - Right of Sporting Pastime India Ltd. (‘SPIL’) to receive amount after release of an amount by the IT department as refund with interest - Held that:- As already noticed, this Court had, on 22nd September 2006, already required the IT Department to refund the sum to SPIL and further ordered that the sum should be deposited with Canara Bank in terms of the judgment dated 18th November 2005. Since the Madras High Court has, by order dated 9th May 2007, directed that the release of the said amount should be only to SPIL and to no one else, this Court directs the IT Department to deposit in the account of SPIL with SBI Branch the sum of Rs. 17,40,29,511 together with interest calculated in terms of Section 244 of the IT Act within a period of three weeks from today. This is subject to the orders that may be passed in the appeal preferred by the IT Department and any further orders that may be passed by any other higher judicial forum. Immediately upon the amount being deposited in its account, SPIL will instruct SBI to transmit by RTGS the amount deposited to the account of Canara Bank, Green Park Extn., New Delhi. The above order is subject further to Canara Bank filing an affidavit in this Court, within two weeks, stating that depending on the orders passed by the ITAT or any higher judicial fora and any further order passed by this Court, Canara Bank will refund the said amount or any part thereof together with whatever interest as may be directed by this Court. This order is without prejudice to the rights and contentions of SPIL as regards its liability as may be determined by ITAT or by any other judicial forum. For reporting compliance and further hearing, list these matters on 12th February 2013 at 2.15 pm.
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