TMI Blog2016 (3) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... erved by directing the petitioner to file an undertaking to an effect that in case it ultimately does not succeed in the petition, it would deposit an amount equal to the amount standing as on date in the above two bank accounts of the petitioner. However, in the opinion of this court, at this stage, it is not permissible for the respondent-authorities to continue with the attachment of the bank accounts of the petitioner. In the aforesaid premises, by way of interim-relief, the impugned notices dated 27.01.2016 issued to the Branch Manager, ICICI Bank, Ahmedabad and the notice dated 28.01.2016 issued to the Branch Manager, Bank of India, Ahmedabad, under section 226 (3) of the Income-Tax Act, 1961, are hereby stayed till the final dispo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, this would not authorize the petitioner to operate the bank accounts. 4. Mr. S. N. Soparkar, Senior Advocate, learned counsel for the petitioner, invited the attention of the court to the communication dated 27.06.2014 of the Registrar, Board for Industrial and Financial Reconstruction, informing the petitioner that its reference, which has been received under section 15 (1) of Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as SICA ) has been registered as Case No.29 of 2014. It was submitted that once the company is registered as a sick industrial company, in view of the provisions of section 22 of SICA, it is not permissible for the respondents to take any coercive action for recovery of any outs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t though it was contended that the appellant was a sick company and, therefore, no direction for payment of any amount could have been given. It was submitted that therefore, the petitioner may either be directed to maintain a certain amount in the bank accounts or the attachment may be permitted to continue, however, the interim relief, as prayed for, may not be granted. It was also submitted that in case the court is inclined to direct that the attachment of the bank account be lifted, then the petitioner may be directed to maintain the amount standing in its accounts as on date, and to regularly furnish the details of the bank accounts to this court. 6. Mr. Soparkar, learned counsel for the petitioner submitted that at this stage, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the petition, it would deposit an amount equal to the amount standing as on date in the above two bank accounts of the petitioner. However, in the opinion of this court, at this stage, it is not permissible for the respondent-authorities to continue with the attachment of the bank accounts of the petitioner. 9. In the aforesaid premises, by way of interim-relief, the impugned notices dated 27.01.2016 issued to the Branch Manager, ICICI Bank, Ahmedabad and the notice dated 28.01.2016 issued to the Branch Manager, Bank of India, Ahmedabad, under section 226 (3) of the Income-Tax Act, 1961, are hereby stayed till the final disposal of the petition. The petitioner, however, shall furnish an undertaking before this court to an effect that in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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