1987 (11) TMI 345 - HC - VAT and Sales Tax

Summary

The petitioner-bank and respondent No. 1 had a dispute over the amount withdrawn by respondents 4 to 7 using vehicles as security. The court ordered the bank to receive Rs. 7,08,040.51 and respondent No. 1 to receive Rs. 7,28,554.76. The bank will receive the amount from a maturing F.D.R. held by respondent No. 1, who must pay the balance within a week. Interest will be paid by the bank until the full amount is settled. No costs were awarded.