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2016 (9) TMI 309 - BOMBAY HIGH COURT

2016 (9) TMI 309 - BOMBAY HIGH COURT - TMI - Grant of stay against recovery of dues - Hel that:- After giving our anxious consideration to the submissions canvassed by both parties, we are of the view that instead of this Court going into these issues, for the first time and that too, at the stage of hearing of a stay application, interest of justice would be served if we allow this writ petition by quashing and setting aside the impugned order and restoring to the file of the Tribunal the stay .....

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the petitioner is included in the proceedings before the BIFR. The arguments to the contrary of the Revenue and based on the legal provisions as referred above, can also be canvassed. The Tribunal shall consider them and pass an appropriate order in accordance with law, as expeditiously as possible and within a period of two months from the date of receipt of a copy of this order. We clarify that we have not expressed any opinion on the rival contentions - Writ Petition No. 1034 of 2016 - Dated: .....

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2-2015. The said order was passed in a First Appeal which was filed by the appellant before it against the Assessment Order dated 29-3-2013. In such proceedings, the First Appellate Authority fixed a partpayment in the sum of ₹ 1,86,52,804/and which, in the opinion of the Tribunal, is the basic tax, as against the confirmed demand raised by the Assessment Order of ₹ 7,25,18,140/, inclusive of tax, interest and penalty. Then, that requires no interference. 2. It is this conclusion of .....

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stainless steel. 3. It is submitted that before the First Appellate Authority and the Tribunal it was not pointed out that the petitioner is a sick industrial company within the meaning of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short, SICA ). On 26-2-2014, a communication was addressed to the Secretary of the Board for Industrial and Financial Reconstruction (BIFR), set up under the SICA. A reference under Section 15(1) of the SICA was forwarded in the prescribed Form .....

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and 22 of the SICA by Mr. Ghaterao. It is submitted that by subsection (1) to Section 22, no proceedings for the winding up of the industrial company or for execution, distress or the like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof shall lie or be proceeded with further, except with the consent of the Board or, as the case may be, the Appellate Authority. 6. When Mr. Ghaterao's attention was invited to a Judgment of the Hon .....

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