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2014 (11) TMI 62 - MADRAS HIGH COURTCondition for payment of 50% of the demands for granting stay – Principle of hardship – Winding up proceedings going on - Held that:- The assessee is already facing a petition for winding up on the file of the Company Court at the instance of the Bank of New York - the Company Court has already granted an interim order of injunction - Therefore, this is a case where the application of the principle of hardship is warranted – revenue also should take note of the fact that whatever is collected now, may safeguard their interests ultimately in view of the pendency of the company petition for winding up – the order is modified and the payment to be made is reduced to 20% of total demand – Partial stay granted.
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