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2017 (4) TMI 673 - HC - Indian LawsUnpaid luxury tax payable to the State Government - Held that - Today at the time of hearing of present application Mr. Vakil and Mr. Dave, learned advocates jointly submitted that so far as claim by the respondent Gujarat Industrial Investment Corporation ( GIIC for short) is concerned, the said claim is also settled between the parties outside the Court and terms of settlement are reduced into writing by way of letter of agreement dated 18.3.2017. Mr. Vakil and Mr. Dave, learned advocates jointly submitted that the respondent GIIC has accepted offer for One Time Settlement and the terms and conditions are agreed upon which are enumerated in the letter of agreement dated 18.3.2017. The said letter of agreement is tendered on record. 8. Having regard to the above stated facts the only claim which now survives is with reference to Industrial Financial Corporation of India ( IFCI for short). In that view of the matter, this Court is of the view that present application can be disposed of with following order - (i) The parties i.e. applicant and opponent GIIC will act in accordance with and will abide by the terms and conditions contained in the letter of agreement dated 18.3.2017; (ii) The parties are permitted to give effect to their One Time Settlement on payment of ₹ 39,50,000/- as agreed between the parties according to the terms and conditions of the letter of agreement dated 18.3.2017; (iii) Registry of this Court shall issue a cheque for ₹ 39,50,000/- (Rs. Thirty Nine Lakhs Fifty Thousand) after breaking Fixed Deposit, if required, out of the amount lying with it (pursuant to order dated 15th January, 2009 in Special Civil Application No.11524 of 2002) so as to issue cheque in the name of Gujarat Industrial Investment Corporation on or before 29.3.2017; (iv) Upon receipt of the aforesaid amount, opponent No.5- IDBI Bank shall issue No Due Certificate to the applicant preferably within four weeks; (v) Balance amount shall remain invested in the Fixed Deposit on same terms and conditions (as per the order dated 15.1.2009). It is further clarified that so far as respondent IFCI is concerned the applicant shall be at liberty to file appropriate fresh application.
Issues Involved:
1. Relief sought by the applicant regarding the disbursement of sale proceeds from the Registry of the Court. 2. Settlement agreements reached with various banks and institutes involved in the case. 3. Claim settlement with Gujarat Industrial Investment Corporation (GIIC). 4. Pending claim with Industrial Financial Corporation of India (IFCI). Issue 1: Relief sought by the applicant regarding the disbursement of sale proceeds from the Registry of the Court: The applicant, Empire Hotel and Resorts Ltd., sought directions from the Court to disburse specific amounts from the sale proceeds held by the Registry. The amounts were to be paid to the State of Gujarat-Luxury Tax Commissioner, Industrial Development Bank of India Limited, and other entities as per the judgment and order dated 15.01.2009. The Court noted that certain relief prayed for in the application did not survive due to previous orders. The application was pressed for the relief related to directing certain entities to take a final decision on settlement offers made by the applicant. Issue 2: Settlement agreements reached with various banks and institutes involved in the case: The Court observed that the applicant had settled with various banks and institutes, and now a settlement with Gujarat Industrial Investment Corporation (GIIC) was also reached. The terms of settlement were reduced to writing in a letter of agreement dated 18.3.2017. The settlement terms were accepted by GIIC for a One Time Settlement, and the terms and conditions were agreed upon and tendered on record. Issue 3: Claim settlement with Gujarat Industrial Investment Corporation (GIIC): The settlement with GIIC was confirmed by both parties outside the Court, and the terms were documented in a letter of agreement dated 18.3.2017. The Court directed the parties to act in accordance with the settlement terms and conditions contained in the agreement. The parties were permitted to give effect to the One Time Settlement by paying the agreed amount. The Registry was instructed to issue a cheque for the settlement amount to GIIC. Upon receipt of the settlement amount, Industrial Development Bank of India (IDBI) was to issue a No Due Certificate to the applicant. Issue 4: Pending claim with Industrial Financial Corporation of India (IFCI): The Court clarified that the only claim that now remained pending was with Industrial Financial Corporation of India (IFCI). The applicant was given liberty to file an appropriate fresh application concerning the claim with IFCI. The balance amount from the sale proceeds was to remain invested in a Fixed Deposit on the same terms and conditions as per the previous order dated 15.1.2009. In conclusion, the Court disposed of the application based on the settlements reached with various parties and directed the disbursement of funds as per the agreed terms. The judgment reflected the resolution of claims and the instructions for further actions regarding the remaining pending claim with IFCI.
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