2017 (5) TMI 1829 - HC - Indian Laws

Seeking release of money deposited before the Registry of this Court - HELD THAT - The Registrar General is directed to release the funds deposited by the judgement debtor along with interest to the account of Decree Holder no. 2 (Fujitsu Limited) with Mizuho Bank. The funds will be released directly through bank transfers or through the authorised representative of Decree Holder No. 2. It is further directed that the aforesaid bank Mizuho Bank, DLF Capitol Point, First Floor, Hanuman, Baba Kharak Singh Marg, Connaught Place, New Delhi -110001 shall ensure all necessary approvals and permissions, including permission from RBI are obtained before remitting such funds outside India. The registry shall also ensure that a copy of this order is served on Mizuho Bank, DLF Capitol Point, First Floor, Hanuman, Baba Kharak Singh Marg, Connaught Place, New Delhi -110001 without deposit of any process fee.

Summary

The Decree Holder filed an affidavit requesting the release of funds deposited by the judgment debtor to Mizuho Bank, DLF Capitol Point, New Delhi. The funds will be transferred to Decree Holder No. 2 (Fujitsu Limited) with necessary approvals and permissions. Income tax obligations will be met by Decree Holder No. 2, and clearance from Income Tax Authorities is required before remitting funds overseas. Mizuho Bank must ensure compliance with all regulatory requirements. The registry will serve a copy of the order to Mizuho Bank. No further orders are needed, and the petition is disposed of.