9911796707
TMI Blog2017 (4) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... application was filed, Mr. Bhagat, Mr. Shah and Ms. Lodha, learned advocates are not present since the cases wherein they appeared, are settled. Mr. Lakhani, learned advocate for the opponent No. 8 is present. 3. In present application, the applicant Empire Hotel and Resorts Ltd., original Respondent No.6 in Special Civil Application No.11524 of 2002 has prayed, inter alia, that: "(A) to direct the Registry of this Honble Court to issue a cheque of Rs. 45 lacs in favour of State of Gujarat- Luxury Tax Commissioner out of the sale proceeds lying with the Registry of this Honble Court pursuant to the final judgment and order dated 15.01.2009 passed in Special Civil Application No.11524 of 2002 or in the alternative direct the opponent no.2- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t:- "3. It appears from the facts available from the record that the applicant company had availed financial assistance from opponent No.1-Gujarat Industrial Investment Corporation Limited, opponent No.4-Industrial Financial Corporation of India, opponent No.5-Industrial Development Bank of India, opponent No.6-Assets Reconstruction Co. (India) Limited as well as opponent No.7- Charotar Nagrik Sahakari Bank Limited (In Liqn.). Financial facilities extended to the applicant company was secured by way of mortgage of immovable property known as Shalin Hotel of the applicant company, all the lenders are having pari pasu charge over the mortgage property. 3.1 It appears that on account of unpaid luxury tax payable to the State Government, oppo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 29.12.2008 passed by the Division Bench of this Court (Coram : K.S. Radhakrishnan, C.J. & Akil Kureshi, J.) in Letters Patent Appeal No. 753/08 in Civil Application No. 12417/07 with Letters Patent Appeal No.889/08 in Civil Application No.12417/07 with Letters Patent Appeal No.1261/08 in Civil Application No.1585/08 shall be disbursed to the concerned Financial Institutions and to respondent No.2 being Government Authority, subject to the final decision, as may be taken by appropriate forum/authority, for final adjudication of the amount to be recovered or recoverable by the concerned Financial Institutions or the Government Authority, as the case may be, from respondent No.6 Company and also on condition that the concerned Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... portionate amount on pari passu basis with the secured creditor shall remain set apart towards workers' dues. (iv) The balance of the sale proceeds together with the accrued interest with this Court shall remain as invested. (v) After the aforesaid adjudication process is finalized before the appropriate forum/concerned authority, it would be open to the concerned Financial Institutions/concerned Authority to move this Court for further disbursement, if any, in accordance with law, unless such decision of appropriate forum/concerned authority is stayed, modified or reversed by higher forum known to law. vi. It will also be open to respondent No.6 company to move this Court for refund of the amount in the event, out of the decision of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditions contained in the letter of agreement dated 18.3.2017; (ii) The parties are permitted to give effect to their "One Time Settlement" on payment of Rs. 39,50,000/- as agreed between the parties according to the terms and conditions of the letter of agreement dated 18.3.2017; (iii) Registry of this Court shall issue a cheque for Rs. 39,50,000/- (Rs. Thirty Nine Lakhs Fifty Thousand) after breaking Fixed Deposit, if required, out of the amount lying with it (pursuant to order dated 15th January, 2009 in Special Civil Application No.11524 of 2002) so as to issue cheque in the name of Gujarat Industrial Investment Corporation on or before 29.3.2017; (iv) Upon receipt of the aforesaid amount, opponent No.5- IDBI Bank shall issue No Due ..... X X X X Extracts X X X X X X X X Extracts X X X X
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