TMI Blog2022 (5) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to the Current Account maintained by the writ applicant with the respondent No.3 Bank Once the amounts start getting credited in the Current Account of the writ applicant, a requisite amount may be transferred by the respondent No.3- Bank to the Cash Credit Account of the writ applicant to save the account from being declared as NPA. We make it clear that whatever is the liability of the writ applicant towards the respondent No.3- Bank with respect to the Cash Credit Account, may be discharged from the amount that may be transferred. This is a one time arrangement. We direct the department to permit the writ applicant to supply the finished goods lying at the factory premises to the public sector entities such as BHEL, Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the respondent No.3 Bank of Baroda. 2. To a larger extent, the parties have been able to arrive at some consensus to facilitate this Court to pass an appropriate interim order. 3. On 28.04.2022, this Court passed the following order: 1. We have heard Mr. Mihir Joshi, the learned Senior Counsel assisted by Mr. Chetan Pandya, the learned advocate appearing for the writ applicant and Mr. Vinay Bairagar, the learned AGP appearing for the respondents. 2. In today s hearing, essentially, three things were discussed. First, whether the department should be asked to inform all the 47 debtors of the writ applicant to start making payment towards the contract so that the amount which the debtors have to pay to the writ applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt can be secured because ultimately, all the companies referred to above will be crediting the amount in the bank accounts. The third issue is with regard to statutory wages and dues. There are larger issues involved in this writ application which may have to be gone into while hearing this matter finally. However, prima facie, we are inclined to grant some relief to the writ applicant on the aforesaid three issues. 5. We want Mr. Bairagar, to immediately speak to the authority concerned and try to arrive at some consensus so that an appropriate order can be passed on 02.05.2022. 6. Post this matter on 02.05.2022. 4. The understanding arrived at between the parties is three fold: First, the department would intimate/inform a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds the BHEL, Indian Railways and such other public sector entities. 7. In such circumstances referred to above, we proceed to pass the following directions: 7.1 The department shall at the earliest inform/intimate all the 47 debtors that they should make the necessary payments in accordance with the contracts in favour of the writ applicant and the requisite amount shall be credited to the Current Account maintained by the writ applicant with the respondent No.3 Bank. 7.2 Once the amounts start getting credited in the Current Account of the writ applicant, a requisite amount may be transferred by the respondent No.3- Bank to the Cash Credit Account of the writ applicant to save the account from being declared as NPA. 7.3 We m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew to protect the interest of the Bank as well as department, we want the writ applicant to file an undertaking on oath before this Court and the department as under: (a) Madhav Copper Ltd. would also intimate and ensure that amounts receivables from the list of all the 47 debtors, which are under provisional attachment of the department, would be received only in the Current Account Nos.03480200000834, maintained with Bank of Baroda, Main Branch, Bhavnagar; (b) The finished goods lying in the factory premises and are under provisional attachment of the department, would be supplied only to the public sector entities such as Bharat Heavy Electricals Limited, Indian Railways, etc. and two foreign contracts of Sri Lanka and United ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... credited in the Current Account No.03480200000834; (b) The writ applicant would not be permitted to use the amounts transferred in the Cash Credit Account No.03480500000073 from the Current Account No.03480200000834 by virtue of order dated 04.05.2022; (c) It would be ensured that equivalent balance of the amount so transferred in the Cash Credit Account from the aforesaid Current Account, by virtue of order dated 04.05.2022, would be maintained at any given point of time. 11. Mr. Bairagar, the learned AGP, wants the writ applicant to apply for revocation of the cancellation of registration in the requisite Form GST REG 21 Online at the GST common portal in accordance with the provisions of Section 30 of the GGST Act read wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
