TMI Blog2021 (8) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... nded up to 16.6.2021 and last of all, the matter was directed to be listed on 20.7.2021. An undertaking affidavit has been filed by the petitioner dated 22.07.2021 in which the petitioner has submitted that the security given to the bank for the loans and LC availed to the tune of about ₹ 75 Crores, security of property and machineries of the petitioner to the tune of about ₹ 200 crores has been given and the petitioner has undertaken that the properties are put up for sale by the bank and after adjusting the amount that is due and payable to the bank on account of the loans and LCs availed by the petitioner, the surplus proceeds may be utilised for payment of the amount of GST calculated after taking into account the input t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tomers to the tune of ₹ 93,01,57,694/-, inclusive of taxes, but failed to remit the tax to the Government. Inspite of issue of summons, the petitioner did not respond, which resulted in the complaint being registered for an offence as stated above. 3. Learned counsel appearing for the petitioner submits that the company had been submitting periodical returns and in response to the summons, all the accounts were also produced by the company, yet without adverting properly to the same, the complaint has been registered. It is the further submission of the learned counsel for the petitioner that a sum of ₹ 5 Crores had been paid by way of input tax, which was not taken into account by the respondent and that the amount of outwar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alf of the respondent that this Court may direct the petitioner to give suitable security, if this Court intends to enlarge the petitioner on bail, as in the event of the petitioner failing in his claim, the respondent should not be put to loss by not able to recover the tax, due to it, as even according to the petitioner, the properties of the company is under SARFAESI proceedings. 6. This Court gave its anxious consideration to the submissions advanced by the learned counsel appearing on either side and perused the materials available on record. 7. Vide order dated 8.3.2021, this Court, after hearing the parties to the lis, in order to give an opportunity to the petitioner to absolve himself of the tax liability by producing the acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... djusting the amount that is due and payable to the bank on account of the loans and LCs availed by the petitioner, the surplus proceeds may be utilised for payment of the amount of GST calculated after taking into account the input tax credits or other refund calculation eligibility and based on the advice of the consultants, a charge be created on the subject properties in favour of the Revenue to the extent of the outstanding GST dues, which shall rank in priority after the settlement of debts due to the Bank. Learned Senior Central Government Standing Counsel appearing for the respondent has no serious objection for the same . In view of the fair stand taken by the learned counsel on either side, this Court is inclined to grant bail to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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