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2017 (4) TMI 673 - HC - Indian LawsUnpaid luxury tax payable to the State Government - Held that:- Today at the time of hearing of present application Mr. Vakil and Mr. Dave, learned advocates jointly submitted that so far as claim by the respondent Gujarat Industrial Investment Corporation (“GIIC” for short) is concerned, the said claim is also settled between the parties outside the Court and terms of settlement are reduced into writing by way of letter of agreement dated 18.3.2017. Mr. Vakil and Mr. Dave, learned advocates jointly submitted that the respondent GIIC has accepted offer for One Time Settlement and the terms and conditions are agreed upon which are enumerated in the letter of agreement dated 18.3.2017. The said letter of agreement is tendered on record. 8. Having regard to the above stated facts the only claim which now survives is with reference to Industrial Financial Corporation of India (“IFCI” for short). In that view of the matter, this Court is of the view that present application can be disposed of with following order:- (i) The parties i.e. applicant and opponent GIIC will act in accordance with and will abide by the terms and conditions contained in the letter of agreement dated 18.3.2017; (ii) The parties are permitted to give effect to their “One Time Settlement” on payment of ₹ 39,50,000/- as agreed between the parties according to the terms and conditions of the letter of agreement dated 18.3.2017; (iii) Registry of this Court shall issue a cheque for ₹ 39,50,000/- (Rs. Thirty Nine Lakhs Fifty Thousand) after breaking Fixed Deposit, if required, out of the amount lying with it (pursuant to order dated 15th January, 2009 in Special Civil Application No.11524 of 2002) so as to issue cheque in the name of Gujarat Industrial Investment Corporation on or before 29.3.2017; (iv) Upon receipt of the aforesaid amount, opponent No.5- IDBI Bank shall issue No Due Certificate to the applicant preferably within four weeks; (v) Balance amount shall remain invested in the Fixed Deposit on same terms and conditions (as per the order dated 15.1.2009). It is further clarified that so far as respondent IFCI is concerned the applicant shall be at liberty to file appropriate fresh application.
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