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2023 (4) TMI 154 - BOMBAY HIGH COURTRecovery proceedings - notice u/s 226 (3) addressed by the Respondent No. 1 to the Respondent No. 4 (R.B.I) declaring the Petitioner as ‘an assessee in default’ for non-compliance of the notice u/s 226(3)(x) and calling upon Respondent No. 4 (R.B.I) to attach all the bank accounts including FDs/RDs or any other type of deposits, held by the Petitioner with Respondent No. 4 to effect recovery due from Sinhgad Technical Education Society in respect of arrears of income-tax - Petition also seeks setting aside the notice u/s 226(3) and the impugned order declaring the Petitioner ‘an assessee in default’ - Respondent No. 5 urged that account held in the name of Sinhgad Technical Education Society and others had also turned Non-Performing Assets and it owed ₹ 74.45 crores to them therefore their interest also be protected. HELD THAT:- Be that as it may, we are unable to protect the interest of the Respondent No. 5 at this point. We are of the view that the impasse between the Petitioner and Respondent No. 1 can be resolved by directing the Petitioner to forthwith and in any event by the end of the day remit electronically a sum of ₹ 43 Crores to the Respondent No.1 in the account, details of which would be submitted by Mr. Kumar. Upon such remittance, nothing remains in the Petition and can therefore be disposed off. We pass the following order i. The impugned notice dated 9th March 2023 u/s 226(3), the impugned order dated 28th March 2023, and impugned notice dated 28th March 2023 issued to Respondent No. 4 are quashed and set aside and all further action in respect thereof is prohibited; ii. Rule made absolute in above terms. No costs.
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