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TMI Blog2017 (4) TMI 673X X X X Extracts X X X X X X X X Extracts X X X X ..... itions 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 accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms. Lodha, learned advocates are not present since the cases wherein they appeared, are settled. Mr. Lakhani, learned advocate for the opponent No. 8 is present. 3. In present application, the applicant Empire Hotel and Resorts Ltd., original Respondent No.6 in Special Civil Application No.11524 of 2002 has prayed, inter alia, that: (A) to direct the Registry of this Honble Court to issue a cheque of ₹ 45 lacs in favour of State of Gujarat- Luxury Tax Commissioner out of the sale proceeds lying with the Registry of this Honble Court pursuant to the final judgment and order dated 15.01.2009 passed in Special Civil Application No.11524 of 2002 or in the alternative direct the opponent no.2-State of Gujarat to take such steps as t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 property known as Shalin Hotel of the applicant company, all the lenders are having pari pasu charge over the mortgage property. 3.1 It appears that on account of unpaid luxury tax payable to the State Government, opponent No.3-City ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 final adjudication of the amount to be recovered or recoverable by the concerned Financial Institutions or the Government Authority, as the case may be, from respondent No.6 Company and also on condition that the concerned Financial Inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 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 creditor shall remain set apart towards workers' dues. (iv) The balance of the sale proceeds together with the accru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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). 9. 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 ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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