Alchemist Asset And ... vs Deputy Inspector General
2021 Latest Caselaw 7855 Raj/2

      HIGH COURT OF JUDICATURE FOR RAJASTHAN
                  BENCH AT JAIPUR

             D.B. Special Appeal Writ No. 1032/2021

Alchemist Asset And Reconstruction Company Ltd.
                                                                  ----Appellant
                                     Versus
Deputy Inspector General
                                                                ----Respondent

D.B. Special Appeal Writ No. 1033/2021

Alchemist Asset And Reconstruction Company Ltd.

----Appellant Versus Deputy Inspector General

----Respondent

For Appellant(s) : Mr. P. Chidambaram, Sr. Adv. with Mr. Anuroop Singhi Mr. Karan Batura Mr. Devansh Sharma Mr. Ranjan Mehta Mr. Rohit Solanki Mr. Tarun Verma For Respondent(s) : Mr. R.P. Singh, AAG with Mr. Prakul Khurana Mr. Hemant Kothari Mr. Ankit Sareen Mr. Ashu Kansal for respondent No.3

HON'BLE THE CHIEF JUSTICE MR. AKIL KURESHI HON'BLE MR. JUSTICE UMA SHANKER VYAS

Order

20/12/2021

Both these appeals arise out of the common judgment of the

learned single judge dated 01/09/2021. These appeals are filed by

the original petitioner who is an asset reconstruction company and

in whose favour the banks have assigned certain debts. The

petitioner company was called upon to respond to the question of

deficient valuation and stamp duty affixed on the agreement

(2 of 3) [SAW-1032/2021]

between the borrower and the bank as well as on the asset

assignment deed between the bank and the petitioner company.

Learned counsel for the appellant submitted that shortly after the

petitions were dismissed by the learned single judge by the

impugned judgment dated 01/09/2021, the stamp duty authority

has passed final orders on the show cause notices on 17/09/2021

and 18/11/2021. The petitioner resisted the show cause notice on

multiple grounds including:- (i) that the notices are issued after

unreasonable and unduly long period of time and in some cases

after 24 years; (ii) that the petitioner cannot be held responsible

for payment of any stamp duty on an agreement executed

between the borrower and the bank; (iii) on the assignment deed,

it is the maker of the document who is primarily and statutorily

liable to make payment of duty; (iv) initially, the stamp duties

were assessed and duly paid in one of the cases and in other case

in a deal between the bank and the reconstruction company and

the Rajasthan government has exempted the requirement of

payment of stamp duty & (v) that the borrower company is

covered by the IBC.

The learned single judge dismissed the writ petitions upon

which these appeals have been filed.

The appeals require consideration. As pointed out, the show

cause notices have been issued after a long period of time on

execution of the original documents. Question of exemption of

payment of stamp duty as declared by the State government also

requires further examination.

Hence, issue notice, returnable on 27/01/2022. Mr. R.P.

Singh, learned Additional Advocate General waives service of

(3 of 3) [SAW-1032/2021]

notice on behalf of the State. Mr. Ashu Kansal, learned counsel

also waives service of notice on behalf of respondent No.3.

By way of an ad interim relief, the respondents are

prevented from recovering the stamp duties in relation to the

show cause notices dated 27/04/2021, which are challenged in the

writ petitions.

(UMA SHANKER VYAS),J (AKIL KURESHI),CJ

Anil Goyal /BM Gandhi/ 17 & 18

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