Kakatiya Cement, Sugar ... vs Kailas S.R. Another
2023 Latest Caselaw 940 Tel

             THE HON'BLE SRI JUSTICE T. VINOD KUMAR
                               AND
              THE HON'BLE SMT. JUSTICE P.SREE SUDHA

                         OSA No.50 of 2011

JUDGMENT:(per Hon'ble Sri Justice T.Vinod Kumar)

       This OSA is filed by the appellant aggrieved by the order of the

Company Court in Company Application No.126 of 2010 in Company

Petition No.102 of 2006 dt.13.04.2010.


2.     The appellant herein is the respondent in the company

application. The company application was filed by the respondent

herein as applicant seeking a direction to the appellant herein to

comply with the order of this Court dt.13.02.2007 by releasing the

balance amount of Rs.1,29,21,931/- along with accrued interest to the

applicant.

3. The learned Company Judge, on due consideration of

submissions made by the respective parties and in particular of the

appellant-respondent, in para 8 of the counter affidavit filed in the

company application that against the order of the Income Tax

Appellate Tribunal dt.30.04.2008, the Income Tax Department had

preferred appeal before the Hon'ble High Court of Andhra Pradesh and

as such, is not in a position to release the amount, disposed the above

company application, directing the respondent company to pay the

sum of Rs.1,29,24,931/- along with accrued interest to the 1st

respondent - applicant, as the Revenue has not obtained any interim

orders restraining from releasing the amount in favour of applicant-

respondent herein. However, the said amount was not paid to the 1st

respondent - applicant, on the ground of pendency of appeal preferred

by the revenue in I.T.T.A.No.74 of 2011 before this Court.

4. Ms.K.Mamata Chowdary, learned Senior Standing Counsel

appearing on behalf of the Income Tax Department, submits that the

said appeal being I.T.T.A.No.74 of 2011 preferred by the Income Tax

Department has now been withdrawn on 25.01.2023 being below the

monetary limit prescribed under Notification No.3 of 2018 read with

Notification No.17 of 2019, for maintaining the appeals before various

forums, including the High Court.

5. Learned counsel appearing on behalf of the appellant-company

submits that since the appeal filed by the Income Tax Department

against the order of the Tribunal has been withdrawn, the appellant

would refund the balance outstanding amount payable to the 1st

respondent. However, it is stated that the said amount payable to the

1st respondent is deposited by the appellant with the Union Bank of

India, in pursuance of the orders of this Court dt.13.02.2007 made in

Company Petition No.102 of 2006, in the form of FDRs renewed from

time to time, and the same are presently due for maturity on different

dates, viz., on 26.03.2023, 26.06.2023 and 26.06.2023.

6. Sri B.Chandrasen Reddy, learned Senior Counsel appearing on

behalf of the 1st respondent, would submit that since the 1st

respondent is deceased, his legal representatives, who are brought on

record, are agreeable to receive the amount on the due date of

maturity of FDRs, as pre-closure would attract charges that would be

levied by the bank.

7. Learned counsel appearing for the parties would submit that the

appellant as well as the 1st respondent represented by his legal heirs,

have now filed a Joint Memo dt.23.02.2023, whereby it has been

agreed by the parties that the above said FDRs for the amounts

mentioned therein, would be paid by the appellant to the respondents

equally on maturity of the FDRs as agreed in the Joint Memo.

8. The above said Joint Memo filed by the appellant and the legal

representatives of the 1st respondent is taken on record.

9. In terms of the above Joint Memo, the O.S.A. is disposed of. No

order as to costs. Pending miscellaneous petitions, if any, shall stand

closed in the light of this final order.

10. Registry is directed to append a copy of Joint Memo

dt.23.02.2023 to this order.

__________________ T. VINOD KUMAR, J

Date:24.02.2023 ________________ P.SREE SUDHA, J GJ

THE HON'BLE SRI JUSTICE T. VINOD KUMAR AND THE HON'BLE SMT. JUSTICE P.SREE SUDHA

OSA No.50 of 2011 (per Hon'ble Sri Justice T.Vinod Kumar)

24.02.2023

GJ