TMI Blog2022 (7) TMI 1394X X X X Extracts X X X X X X X X Extracts X X X X ..... ays from today. Subject to the submission of that bank guarantee, the petitioner may be permitted to operate the bank accounts which form subject matter of the orders under Section 17(1A) to the extent that a sum of Rs. 251 crores which was standing in credit in those accounts on the date of the passing of the impugned orders shall be maintained at all times. Additionally the petitioner shall also furnish to the Enforcement Directorate all details of remittances that may be made from the concerned bank accounts every 48 hours. Let this petition be listed on 28.07.2022 for final disposal. - W.P.(C) 10382/2022, CM APPL. 29948/2022 (Stay) - - - Dated:- 13-7-2022 - HON'BLE MR. JUSTICE YASHWANT VARMA For the Petitioner : Mr. Sidh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned counsel, let a counter affidavit be filed within a period of one week. The petitioner may file its response thereto within a period of 48 hours of service. The Court takes note of the submission of Mr. Agarwal, learned senior counsel who contends that the debit freeze orders impugned here would not sustain since the details of the bank accounts which were maintained by the petitioner were known to the respondents. Referring the Court to the powers conferred by Section 17 on the Enforcement Directorate, Mr. Agarwal would submit that details of accounts which were otherwise available could not have been subjected to a debit freeze in the exercise of powers conferred by Section 17(1A). Learned senior counsel has in this behalf placed re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er are ready and willing to furnish a bank guarantee to the extent of Rs. 950 crores without prejudice to their rights and contentions in the writ petition. The statement so made is recorded and accepted. The Court notes that the bank guarantee which is proffered together with the amount which stands to the credit of the freezed accounts would safeguard the interest of the respondent during the pendency of the writ petition. Consequently, let the petitioner furnish a bank guarantee to the extent of Rs. 950 crores to the satisfaction of the respondents within seven working days from today. Subject to the submission of that bank guarantee, the petitioner may be permitted to operate the bank accounts which form subject matter of the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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