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2021 (8) TMI 402 - HC - GSTSeeking grant of Bail - it is alleged that the company received payment from its customers, but failed to remit the tax to the Government - section 132 (1) (d) of the Central Goods and Service Tax Act, 2017 - HELD THAT:- This Court, after hearing the parties to the lis, in order to give an opportunity to the petitioner to absolve himself of the tax liability by producing the accounts and tax payment made to the government on the payment received by the petitioner to the tune of ₹ 93 Crores, granted interim bail to the petitioner till 8.4.2021, which was thereafter extended up to 16.6.2021 and last of all, the matter was directed to be listed on 20.7.2021. An undertaking affidavit has been filed by the petitioner dated 22.07.2021 in which the petitioner has submitted that the security given to the bank for the loans and LC availed to the tune of about ₹ 75 Crores, security of property and machineries of the petitioner to the tune of about ₹ 200 crores has been given and the petitioner has undertaken that the properties are put up for sale by the bank and after adjusting the amount that is due and payable to the bank on account of the loans and LCs availed by the petitioner, the surplus proceeds may be utilised for payment of the amount of GST calculated after taking into account the input tax credits or other refund calculation eligibility and based on the advice of the consultants, a charge be created on the subject properties in favour of the Revenue to the extent of the outstanding GST dues, which shall rank in priority after the settlement of debts due to the Bank. The petitioner is ordered to be released on the basis of the bail bonds and sureties, which have been executed by the petitioner and the sureties while being enlarged on interim bail - Petition allowed.
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