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TMI Blog2016 (4) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... tificate issued by the Registrar of Companies on 17th August 2015 the name of the Petitioner company has been changed to SVOGL Oil Gas and Energy Limited. 2. In that view of the matter, the application is allowed. The name of the Petitioner will now be shown as "SVOGL Oil Gas and Energy Limited". CM No.13026/2016 & W.P.(C) 1598/2014 3. CM No. 13026/2016 has been filed by the Petitioner seeking clarification/modification of the order dated 22nd January, 2016. 4. It is necessary to set out the background under which the abovementioned order was passed by the Court. The Petitioner, initially, sought a direction to the Service Tax Department (STD) to lift the attachment of its bank account effected by two orders dated 6th February 2013 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount with ICICI would go towards settling the dues of the STD. This was under the express understanding that "the Petitioner shall proceed with its proposal to sell off its assets which according to the submissions made are valued approximately at Rs. 480 crores." 7. On 28th May 2014, the Court was informed that from a sum of Rs. 30 crores that had been received into the Petitioner's account, Rs. 8 crores had been deposited in the account of the STD. The Court noted that the outstanding amount of service tax was Rs. 388 crores out of which, admittedly, Rs. 132 crores had been paid by the Petitioner, leaving a balance of Rs. 256 crores. This when further reduced by Rs. 8 crores paid to the STD worked out to Rs. 248 crores. Of this, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce since the passing of the previous order of the Court. Apart from the 'admitted' service tax liability of Rs. 130 crores (of which around Rs. 72 crores is said to have been paid till date) the 'disputed' service tax liability has got crystallized by means of the above adjudication order dated 19th February 2016. 10. The Petitioner approached this Court with an application being CM No.14272/2015 in which it is stated that it had taken over the service tax liability of M/s Max Tech Oil & Gas Services P. Ltd. ('Max Tech') by a Board Resolution dated 6th June, 2015. The said service tax liability of Max Tech was to the tune of Rs. 10,93,45,803. Accordingly, a prayer was made before this Court that remittances in the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r by going before the Appellate Authority. 13. Mr Balbir Singh, learned Senior counsel for the Petitioner, on the other hand urges that the interim protection granted to the Petitioner should continue as without it the entire business of the Petitioner would come to a standstill. He states that the Petitioner will come up with an arrangement whereby the admitted dues of the STD can be met even while, the Petitioner works out its remedies in relation to the crystallised service tax liability by filing an appeal against the adjudication order dated 19th February, 2016. Mr Balbir Singh, does not dispute that a petition under Section 433 of the Companies Act 1956 has been filed against the Petitioner seeking its winding up. The said petition i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . As already recorded by the Court in its orders dated 21st March and 28th May 2014, the admitted service tax liability of the Petitioner, as reflected in the service tax returns filed by it, was to the extent of Rs. 130 crores. Added to this is the admitted service tax liability of Rs. 11 crores of Max Tech which has to be discharged by the Petitioner. In the past two years, the Petitioner has managed to pay only around Rs. 72 crores towards this admitted sum. Consequently, the Court does not see any reason to vacate the attachment ordered by the STD by its order dated 6th February, 2013 or the garnishee order dated 22nd August 2013. 17. Consequently, the Court vacates the interim arrangement put in place by the orders dated 21st March, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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