ADARSH SAHKARI GRIH NIRMAN SWAWLAMBI SAMITI LTD THROUGH ITS CHIEF EXECUTIVE Y N YADAV vs. COMMISSIONER OF INCOME TAX AND ANR

IN THE HIGH COURT OF JHARKHAND, RANCHI

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Company Petition No.2 of 2015

---- R.R.Trading Co., a proprietorship firm

….. Petitioner -- Versus --

METAL OM-TECHNIC PVT.LTD.

…... Opposite Party

With

Company Petition No.16 of 2015

---- India SME Asset Reconstruction Company Ltd, a company incorporated under the Companies Act, 1956 and registered as a Securitization and Reconstruction Company pursuant to Section 3 of the SARFAESI Act, having its registered office at 1004 10th Floor, Naman Centre, Plot No.C- 31, G-Block Bandra Kurla Complex, Bandra (East) Mumbai, through its Chief Manager, Abhay Singh, s/o late S.R.Singh, Kolkata Branch Office at Floor VIII A-Wing Constantion Building, 11, Dr.V.N. Brahmachary Street, Kolkata0700017

….. Petitioner -- Versus --

M/s Metal Om Technik Pvt. Ltd, an existing company duly incorporated under the provisions of the Companies Act, 1956, having its registered office at Rahargora, PO Rahargora, PS Parsudih, Jamshedpur, East Singhbhum, PIN 831016, Jharkhand 2.5 Official liquidator, 4th floor, Mangal Tower, Old Hazaribagh Road, Ranchi(v/o dated 15.12.2017) 2.Principal Commissioner of Income Tax, Commissionerate, Jamshedpur

…... Opposite Parties

---- CORAM: HON’BLE MR. JUSTICE SANJAY KUMAR DWIVEDI

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For the Petitioner :- Mr. Pravin Jaiswal, Advocate

Mr. Nitin Pasari, Advocate

For the O.P.No.1 :- Mr. Amit Kumar Sinha, Advocate

For Official Liquidator: Mr. Sachin Kumar, Advocate

For Income-Tax Dept.:Mr. Rahul Lamba, Advocate

----

39/23.12.2021 I.A. No.6755 of 2021 has been filed for withdrawal of C.P.Case No.16 of 2015.

Mr. Jaiswal, the learned counsel appearing for the petitioner submits that O.P.No.1 approached the petitioner- ISARC for settlement of loan account. The loan account was compromised as the petitioner has issued sanction letter for the proposed settlement dated 12.03.2019 and total compromise amount was Rs.100 Lakhs has been received by the petitioner. This has happened pursuant to the order by this Court by allowing I.A. No.6262 of 2018 dated 18.10.2019 and the counsel for the petitioner was directed to add the name of ISARAC Assets Reconstruction Company Limited as petitioner. This was happened pursuant to the statement made by the learned counsel for the Official Liquidator as the debtors are required to pay the security expenses and the learned

counsel for the O.P.no.1 agreed to pay such expenses. This fact has been recorded in the order dated 18.10.2019 and the O.P.no.1 has paid the entire settlement amount of Rs.One Crore and the delayed interest as operational cost of Rs.2,98,668/- to the petitioner (ISARC). The N.O.C has also been issued on 27.09.2021 by the petitioner. These documents are also annexed with this I.A. The learned counsel for the O.P.No.1 is also in agreement and submits that this petition can be permitted to be withdrawn.

The learned counsel for the O.P.No.1 submits that pursuant to the order dated 29.03.2019, the amount of Rs.50,000/- has been deposited before the Registrar General of this Court and the receipt of that has been mailed which is also on the record.

In view of this fact that the parties have settled the matter and the amount in question has been received by the petitioner, the prayer made in the I.A. is allowed.

I.A. No.6755 of 2021 is allowed.

It is open to the Official Liquidator to raise the bill for security expenses to the O.P.No.1 who is Metal Om Technique Private Limited and the O.P.No.1 shall pay the admitted amount.

Official Liquidator is at liberty to remove the security if the security is still continuing there.

C.P.No.16 of 2015 stands disposed of.

Let the orders passed in C.P.No.16/2015 be kept with the record of C.P.No.2/2015.

C.P.Case No.2/2015

Let this case be detached from the batch of these two cases and be placed in usual course.

( Sanjay Kumar Dwivedi, J)

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