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M/s ELECTROTHERM (INDIA) LTD Versus UNION OF INDIA AND 1

2016 (3) TMI 599 - GUJARAT HIGH COURT

Notice under section 226 (3) of the IT Act - attachment orders - Sick Industrial Companies (Special Provisions) Act, 1985 - Held that:- In the light of the provisions of section 22 of SICA, permitting the attachment to continue, prima facie, would be contrary to the provisions thereof as the same would amount to distraint against the properties of the petitioner. Besides, continuance of the attachment would not serve any useful purpose inasmuch as the petitioner would not be able to operate its .....

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o 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 disposal of the petition. The petitioner, however, shall furnish an undertaking before this court to an .....

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BY DS ORAL ORDER (PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. The learned advocate for the petitioner seeks permission to delete the first respondent-Union of India. Permission, as prayed for, is granted. Respondent No.1 shall stand deleted from the cause-title. 2. The challenge in this petition is to the notice 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 t .....

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r 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 .....

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Act, without the first obtaining the consent of the BIFR as provided in section 22(1) of the SICA. It was submitted that the petition, therefore, requires consideration and the ad-interim relief granted vide order dated 02.02.2016 is required to be modified by permitting the petitioner to operate its bank accounts. 5. Opposing the petition, Mr. M. R. Bhatt, Senior Advocate, learned counsel for the respondent, submitted that while granting interim relief to the petitioner, the interest of the re .....

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77, wherein the court, in the facts of the said case, had directed the appellant therein to deposit a certain amount 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 als .....

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ll the details as required would be furnished by the petitioner. 7. Having regard to the submissions advanced by the learned Counsel for the respective parties, the court is of the view that the matter requires consideration. Hence, issue RULE. 8. As noticed earlier, by way of ad-interim relief, this court has already protected the petitioner to the extent that no payment was required to be made by the bank to the Department, however it was not authorized to operate the bank accounts. Insofar as .....

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