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TMI Blog2014 (11) TMI 936X X X X Extracts X X X X X X X X Extracts X X X X ..... ecured and unsecured creditors vis-a-vis the assets of a company, under liquidation. Whatever may have been the permissibility and legality of the arrangement between the petitioner and respondents 2 and 3, for direct payment of EMIs to the petitioner, the same cannot be continued once the liquidation proceedings are in progress. The petitioner on the one hand and the 1st respondent on the other hand shall be entitled to submit their claims before the official liquidator and he in turn shall make the payments out of the available sources to the petitioner and the 1st respondent in accordance with the priorities that are provided for under the Companies Act. This exercise shall be completed within a period of three months. - W.P.No.4044 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same to the loan account. The arrangement is said to be in force. The 1st respondent, an assessing authority under the Income Tax Act found that there are dues of income tax from the 3rd respondent. On noticing that the 3rd respondent is entitled to receive EMIs from the 2nd respondent for plant and machinery, he issued the impugned notice, which is akin to a garnishee order. The contention of the petitioner is that the amount payable under the EMIs cannot be said to be the independent income of the 3rd respondent and at any rate, the it is under liquidation. According to the petitioner, the 1st respondent can approach the official liquidator for recovery of dues of tax from other sources. The 1st respondent filed a counter affida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On the strength of an interim order passed by this Court, the 2nd respondent has been depositing the EMIs in a nationalised bank and the said amount is earning interest also. The petitioner on the one hand and the 1st respondent on the other hand had put forward their claims before the official liquidator. Therefore, the writ petition is disposed of directing that- (a) the amount, that became payable up to this date from the 2nd respondent, together with interest, which are now said to be in the Syndicate Bank, Banjara Hills Branch shall be made over to the 3rd respondent company, which is now under liquidation; (b) the official liquidator shall ensure that the amount so passed on as well as the other amount due from the 2nd resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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