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TMI Blog2016 (3) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... l Civil Application No.11524 of 2002 so as to issue cheque in the name of “Industrial Development Bank of India Limited”; (iii) Since under the One Time Settlement Scheme deadline for acceptance of the amount if fixed 15th March, 2016, Registry shall see to it that cheque is issued on or before 15th March, 2016; (iv) Upon receipt of the aforesaid amount, opponent No.5-IDBI Bank shall issue No Due Certificate to the applicant within two week; (v) Balance amount shall remain invested in the Fixed Deposit. - MISC. CIVIL APPLICATION (FOR DIRECTION) NO. 759 of 2016 In SPECIAL CIVIL APPLICATION NO. 11524 of 2002 - - - Dated:- 11-3-2016 - MR.N.V.ANJARIA, J. FOR THE APPELLANT : MR AS VAKIL, ADVOCATE FOR THE OPPONENT : MR TIRTH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmunication dated 17th February, 2016 (Annexure-8, Page 73), opponent No.5- IDBI Bank has agreed to settle its dues for the crystalised amount of ₹ 66.38 lakhs to be paid by the applicant herein by 15th March, 2016. 3. It appears from the facts available from the record that the applicant company had availed financial assistance from opponent No.1-Gujarat Industrial Investment Corporation Limited, opponent No.4-Industrial Financial Corporation of India, opponent No.5-Industrial Development Bank of India, opponent No.6-Assets Reconstruction Co. (India) Limited as well as opponent No.7- Charotar Nagrik Sahakari Bank Limited (In Liqn.). Financial facilities extended to the applicant company was secured by way of mortgage of immovable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be recovered by way of penalty vide order dated 31.03.2008 passed by this Court (Coram :C.K. Buch, J.) in Civil Application No.12417/07 in Special Civil Application No.11524/02 with Civil Application No.1585/08 read with the order dated 29.12.2008 passed by the Division Bench of this Court (Coram : K.S. Radhakrishnan, C.J. Akil Kureshi, J.) in Letters Patent Appeal No. 753/08 in Civil Application No. 12417/07 with Letters Patent Appeal No.889/08 in Civil Application No.12417/07 with Letters Patent Appeal No.1261/08 in Civil Application No.1585/08 shall be disbursed to the concerned Financial Institutions and to respondent No.2 being Government Authority, subject to the final decision, as may be taken by appropriate forum/authority, for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uxury Tax - State Dues - Rs. 45.00 ₹ 60.00 Total ₹ 809.82 (iii) The claim of the workers/employees, if any, can be considered on pari passu basis with the secured creditors. However, as the quantification is not finalized by any appropriate forum, nor are the details thereof placed on record, the disbursement of the amount to the workers/employees shall await till the final adjudication by the concerned forum, if any. Hence, the order for disbursement to the workers/ employees is not passed at this stage, but upon the quantification of the amount by appropriate authority, the proportionate amount on pari passu basis with the secured cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it may. 5. In the background of the aforesaid main order passed on 15th January, 2009 in Special Civil Application No.11524 of 2002 and the aspect that the opponent No.5-IDBI Bank has accepted One Time Settlement in respect of the dues of the applicant agreeing to accept crystalised amount of ₹ 66.38 lakhs, following directions are issued. (i) Applicant and opponent No.5-Industrial Development Bank of India Limited are permitted to give effect to their One Time Settlement of dues as above; (ii) Registry of this Court shall issue a cheque 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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