Page 60 - GSTL_7th May 2020_Vol 36_Part 1

18 GST LAW TIMES [ Vol. 36
b. Payments to Banks and Financial Institutions Rs. 9.25 Crore
against borrowings;
c. Payments on account of employee salary Rs. 4.75 Crore
d. Payments to existing vendors for completing live Rs. 4.75 Crore
residential and commercial projects
Total Rs. 27.50 Crore

10. It is further stated in paragraph 4 of the affidavit that the Petitioner
companies expect further receipts of Rs. 7 crores up to 10th April, 2020 on ac-
count of customer payments. It is further urged by Mr. Balbir Singh that money
received by IHCPL by way of borrowings, loans, OD facility and CC limit ought
not to be attached by the Respondents and that the interim order already passed
in this regard by this Court on 18th February, 2020 should be made absolute.
11. Mr. Balbir Singh, Senior Advocate has further highlighted what is
stated in paragraph 6 of the affidavit, that the Petitioners have fixed deposits
(FD) in various bank accounts to the tune of Rs. 52,23,71,188/- which are under
lien on account of security except FDR of Rs. 1,43,31,817/- which is free from [in-
cumbrances].
12. Mr. Sourabh Goel, Learned Senior Panel Counsel for Union of India
submitted that the affidavit was not explicit whether there was any other account
of the Petitioners and whether any sums have been received by the Petitioners
between 7th February, 2020 to till date.
13. Mr. Balbir Singh, Senior Advocate, further on instructions, under-
takes that subject to the impugned orders being set aside, the time bound direc-
tions be issued to the respondents to pass fresh orders in accordance with law,
the Petitioners would ensure that no payments other than those set out in the
tabular form (in para 9 above) would be made from the accounts till date of pass-
ing of fresh orders will remain untouched. He also states that again on instruc-
tions, that the petitioner would furnish to the respondents the receipts for the
payments made to the vendors for completing the live residential and commer-
cial projects of the Petitioners, accompanied by an affidavit explaining the details
of such payment. Thirdly, the Petitioners will maintain status quo with regard to
FDs, both which are under lien as well as the FDR which is free from incum-
brances.
14. Mr. Balbir Singh, Senior Advocate, further on instructions, under-
takes that subject to the impugned orders being set aside, the time bound direc-
tions be issued to the Respondents to pass fresh orders in accordance with law,
the Petitioners would ensure that no payments other than those set out in the
‘tabular form’ would be made from the accounts and that further receipts in the
accounts till date of passing of fresh orders will remain untouched. He also
states, again on instructions, that the Petitioners would furnish to the Respond-
ents the receipts for the payments made to the vendors for completing the live
residential and commercial projects of the Petitioners, accompanied by an affida-
vit explaining the details of such payments. Thirdly, the Petitioners will maintain
status quo with regard to FDs, both which are under lien as well as the FDR
which is free from encumbrances.
15. Binding down the Petitioners to the aforementioned statement
made before the Court as recorded in paras 13 and 14 above, the following direc-
tions are issued :-

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