TMI Blog2021 (3) TMI 1281X X X X Extracts X X X X X X X X Extracts X X X X ..... ice before proceedings with the recovery of the amount and, further whether attachment order could be passed without issuing any notice especially when there is no evidence in the impugned order that there is a possibility that the appellants would run away with the money. Appellants is a running Company and the financial year is coming to an end on 31st March. The attachment order attaching the bank accounts is certainly not in the interest of the smooth running of the business of the Company. We direct the respondent to file a reply within two weeks from today. Two weeks thereafter to the appellant to file rejoinder. The matter would be listed for admission and for final disposal on 29th April, 2021. In view of the undertaking gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were not parties to it. It transpires that some order was passed against PACL based on which recovery proceedings were initiated to recover ₹ 49,100 crores from PACL. The Supreme Court of India vide order dated 2nd February, 2016 constituted a Committee headed by Justice R.M. Lodha to sell land and return the money to the relevant investors. Based on further orders being passed by the Supreme Court of India it transpires that the Committee submitted a report based on which the impugned notice of demand has been issued as well as the attachment order. 3. The recovery order, the notice of demand indicates that the appellants are associated companies. 4. One of the questions which arises for consideration is whether recovery proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... smooth running of the business. 8. Parties are directed to contact the Registrar 48 hours before the date fixed to find out as to whether the hearing would take place through video conferencing or through physical hearing. 9. The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the registry. In these circumstances, this order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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