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TMI Blog2017 (10) TMI 1120X X X X Extracts X X X X X X X X Extracts X X X X ..... our instalments and defaulted in payment of the fifth instalment - the first instalments of ₹ 21.54 lakhs was paid on 11.09.2017, and even before the petitioner could take steps to pay the second installment before 22.9.2017, one of the secured creditors, who had lent monies to the petitioner, viz. ICICI Bank had moved the National Company Law Tribunal (Division Bench) Chennai (NCLT) by fili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d also defaulted the regular duty amount of ₹ 70.68 lakhs from April to June 2017. Therefore, the petitioner was informed that, action will be initiated against them under Section 11 of the Central Excise Act, 1944. 3. When this Writ Petition came up for hearing, this Court granted an interim order on 07.09.2017, directing the petitioner to show their bona fides by paying a sum of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to financial difficulty, the petitioner could not honour the commitment, but now they are ready and willing to pay the monthly instalments promptly and that some reasonable time may be granted. 5. To show the bona fides, the petitioner shall pay two instalments namely ₹ 43.08 lakhs (Rupees forty three lakhs and eight thousand only) (Rs.21.54 lakhs + ₹ 21.54 lakhs) on or before 22. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appointing Mr.C.Ramasubramaniam, Insolvency Resolution Professional (IRP) as proposed by the Financial Creditor, and issued other directions to the said IRP. 5. In the light of the above development, the petitioner can no longer maintain the present Writ Petition. Accordingly the Writ Petition stands dismissed. It is open to the respondent/Department to initiate appropriate proceedings for reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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