TMI Blog2023 (4) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... he Petitioner an assessee in default - Respondent No. 5 urged that account held in the name of Sinhgad Technical Education Society and others had also turned Non-Performing Assets and it owed ₹ 74.45 crores to them therefore their interest also be protected. HELD THAT:- Be that as it may, we are unable to protect the interest of the Respondent No. 5 at this point. We are of the view that the impasse between the Petitioner and Respondent No. 1 can be resolved by directing the Petitioner to forthwith and in any event by the end of the day remit electronically a sum of ₹ 43 Crores to the Respondent No.1 in the account, details of which would be submitted by Mr. Kumar. Upon such remittance, nothing remains in the Petition and c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 109,59,73,712/- due from Sinhgad Technical Education Society in respect of arrears of income-tax. The Petition also seeks setting aside the notice u/s 226(3) dated 9th March 2023 of the Act and the impugned order dated 28th March 2023 declaring the Petitioner an assessee in default . 3. It is the case of the Petitioner that, by three separate notices u/s 226(3) of the Act dated 9th March 2023 the Respondent No. 1 was called upon to forthwith pay any amount held by it in the accounts of the three assessee s viz. Maruti Nivrutti Navale (PAN AAIPN0909R), Sinhgad Technical Education Society (PAN AABTS9900Q) and M N Navale (PAN AAKHM0881K) upto ₹ 58,29,25,554, ₹ 109,59,73,712 and ₹14,03,41,446/- totalling to ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in default and by a notice the Respondent No. 4 was called upon to attach all bank accounts, FDs, RDs and all deposit account of the Petitioner. 6. Learned Counsel Mr. Walve on behalf of the Petitioner submitted that the Petitioner has offered various Over Draft facility in the sum of 50 Crores and ₹ consequently they have a prior charge in the sum of ₹ 55 Crores approximately along with interest from Sinhgad Technical Education Society who presently held a sum of approximately ₹ 98 Crores in the Bank Account/s. He on instructions offered to forthwith pay ₹ 43 Crores to the Respondent No. 1 if directed by this Court after adjusting ₹ 55 crores, approximately due to the Petitioner. 7. Mr. Kumar Learned c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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