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Judgment
8 paragraphs · 311 wordsM.A No. 263 of 2022
This MA has been preferred by the petitioner seeking modification of our order dated 9.5.2022 whereby a direction was given by this Tribunal to the original petitioner to deposit Rs.4.00 crores on or before 1.6.2022 before this Tribunal.
It is submitted by counsel for the applicant (original petitioner) that because of financial difficulties, the petitioner is unable to deposit the amount as per the directions of this Tribunal. The details have been mentioned in the present MA and it is assured by counsel for the petitioner that the amount of Rs. 4.00 crores shall be deposited before the Registrar of this Tribunal on or before 30.6.2022 by way of Bank Draft.
It is further submitted by the counsel for the applicant (original petitioner) that an undertaking has also been filed by Mr. Vipul Kumar Malaviya s/o Mr. Parshottambhai Malaviya, who is Managing Director of the petitioner Company.
Having heard the counsels for both the sides, subsequently relying on the submission of the counsel for the applicant (original petitioner) that financial difficulties are being faced by the original petitioner and especially relying on the undertaking filed by Mr. Vipul Kumar Malaviya s/o Mr. Parshottambhai Malaviya.
We hereby modify our order dated 9.5.2022 to the effect that the amount of Rs.4.00 crores will be deposited before the Registrar of this Tribunal by way of Bank Draft on or before 30.6.2022. This amount shall be accepted by the Registrar of this Tribunal and the same shall be deposited in a Nationalized Bank in a Fixed Deposit initially for a period of 12 months.
The deposition of the aforesaid amount shall not be treated as admission of any fact by the petitioner. The aforesaid amount shall be set off against the liability of the petitioner, if any.
This matter is adjourned to 27.7.2022.
