TMI Blog2021 (5) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... atter, i.e., as to who is the rightful recipient of the refund has undergone a change in view of what has been brought forth by the RP. That being said, it is not inferred from this, that the RP, is right. The petitioner needs to be heard and the NCLT, as observed above, has the jurisdiction as per the Code to rule on the issue Petitioner Mr. Jolly was granted time to obtain instructions in this behalf. Mr. Jolly has obtained instructions. Mr. Jolly submits that he will withdraw the writ petition, and approach the NCLT with an appropriate application. Mr. Jolly says the only concern that the petitioner has, at this stage, is with regard to the time that may be taken for the resolution of the petitioner s grievance. Given this posit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel from time to time. Today, the RP is represented by Ms. Honey Satpal, Advocate. 2. The refund, according to the petitioner, is relatable to the assessment year (in short AY ) 2001-2002. Even according to the petitioner, pursuant to a demerger scheme sanctioned by this Court, vide order dated 18.04.2002, the textile business of the petitioner vested in respondent no.4. 3. The petitioner, on the first date, when the writ petition came up for hearing before us, i.e., on 23.03.2021, had drawn our attention to the communication dated 21.01.2021, addressed by the revenue to the Branch Manager of The Ratnakar Bank Ltd. This communication alluded to the fact that, according to the revenue, the aforementioned amount had been wrongly remi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he RP. That being said, it is not inferred from this, that the RP, is right. The petitioner needs to be heard and the NCLT, as observed above, has the jurisdiction as per the Code to rule on the issue 4.1. Mr. Jolly was granted time to obtain instructions in this behalf. 4.2. Mr. Jolly has obtained instructions. 4.3. Mr. Jolly submits that he will withdraw the writ petition, and approach the NCLT with an appropriate application. Mr. Jolly says the only concern that the petitioner has, at this stage, is with regard to the time that may be taken for the resolution of the petitioner s grievance. 4.4. According to Mr. Jolly, the petitioner requires the refund of the aforementioned amount to deposit the disputed tax under the Direc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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