TaxTMI 
TaxTMI 
2020 (3) TMI 853
X X X X Extracts X X X X
X X X X Extracts X X X X
...., Star House, Errabalu Chetty Street, Chennai - 600 001 to consider the representation letter dated 8/2/2018 in accordance with the circular dated 07/2/2018 issued by the Reserve Bank of India. 2. In the affidavit filed in support of the writ petition, it has been stated that Ms.Vijayalakshmi Subburaj is the Managing Director and that the petitioner company is engaged in the business of engineering, procurement and construction (EPC) of all types of building and factory structures. It is stated that they had account with Bank of India, the respondent herein. It is stated that owing to various factors, the petitioner company could not maintain financial discipline and the respondent bank classified the account of the petitioner company as ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.....Murugesan as the 2nd petitioner on 02.12.2019 to represent the petitioner company. 4. Learned counsel for the petitioner stated that the petitioner should get the benefit as per the circular dated 07.02.2018. With reference to the contention that the writ petition is not maintainable, the writ petitioner relied upon a judgment reported in 2019 (6) CTC 652 (Indus Cityscapes Constructions Pvt. Ltd., Vs. Karismaa Foundations Pvt. Ltd.,) wherein, in an Original Side Appeal filed by the appellant therein which was represented by its Director and when a preliminary objection was raised on maintainability, learned Division Bench held that under Section 14(1)(a) of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), what is prohibited is that....
X X X X Extracts X X X X
X X X X Extracts X X X X
....never be regularised in view of the fact that there are no funds. A statement has been stated by the learned counsel for the petitioner that a contract has been offered by the Thoothukudi Smart City Limited. Reference was drawn to a xerox of demand draft which has also been filed along with the typed set of papers. Learned counsel for liquidator however states that the liquidator had made enquiries with the Thoothukudi Smart City Limited Project and with reference to the said project. There was complete denial by the officials of the Thoothukudi Smart City Limited Project who had disclaimed handing over of the contract to the petitioner company. Learned counsel for liquidator also stated that he had also requested investigation by the polic....