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2017 (10) TMI 1120 - MADRAS HIGH COURTRecovery of the arrears of central excise duty - Garnishee notice - Section 11 of the CEA, 1944 - Held that: - the petitioner has now paid only four instalments and defaulted in payment of the fifth instalment - the first instalments of ₹ 21.54 lakhs was paid on 11.09.2017, and even before the petitioner could take steps to pay the second installment before 22.9.2017, one of the secured creditors, who had lent monies to the petitioner, viz. ICICI Bank had moved the National Company Law Tribunal (Division Bench) Chennai (NCLT) by filing CP/564(IB)/CB/2017, under Section 7 read with Rule 4 of the Insolvency and Bankruptcy Code, 2016 - the petitioner can no longer maintain the present Writ Petition - petition dismissed.
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