TaxTMI 
TaxTMI 
2026 (3) TMI 41
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....r adjustment of all post-decree deposits; c) Pass such further or other orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case and render justice." 2. The above application has been filed by the Lender in pursuance of the order dated 02.02.2026 passed by Hon'ble Supreme Court in Civil Appeal No.(s) 8247 of 2022 in Anjani Technoplast Ltd. vs. Shubh Gautam. Anjani Technoplast Ltd. (hereinafter referred to as the "Company"). The Company has filed the above Appeal in the Hon'ble Supreme Court assailing the order of this Tribunal dated 01.11.2022 passed in Company Appeal (AT) (Ins.) No.904 of 2022 - Shubh Gautam vs. Anjani Technoplast Ltd., by which order this Tribunal has set aside the order of the NCLT dated 20.06.2022 rejecting Section 7 application filed by Shubh Gautam, Lender. 3. Learned Counsel appearing for the Respondent - Anjani Technoplast Ltd., Company has filed Annexures compilation. Both the parties have also filed short notes of submission in support of their respective claims. The order of Hon'ble Supreme Court dated 02.02.2026 passed in Civil Appeal No.8247 of 2022 is as follows: "1. There is a seri....
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....report by filing an alternative chart, in case it disputes the figures given in the said chart. The alternative chart, if any, shall be filed within seven days from today with an advance copy to the other side. Re-list in the week commencing 17.03.2025." 6. Before we proceed to consider the application filed by Lender, we need to notice certain background facts and sequence of events with respect to dispute between the parties. 6.1 The Lender - Shubh Gautam is a money lender, who has on 24.02.2010 gave a loan of Rs. 2.50 crores for a period of two months with interest @ 12.75% payable on half-yearly basis. The Loan Agreement also provided that in default of payment, the Lender shall be entitled and Borrower shall be liable to pay interest mentioned in the loan. On 31.03.2010 another loan of Rs. 2 crores for a period of fifteen days was taken with interest @3% per month, payable on half-yearly basis. The Company had given cheques as security. 6.2 On dishonouring of cheques the Lender filed a complaint under Section 138 of the Negotiable Instruments Act, 1981 before the Court of Metropolitan Magistrate, Tis Hazari Delhi. In the complaint, a Compromise Deed was enter....
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....nt due on M/s Anjani Technoplast Ltd. is Rs. 96,48,480/-. The ITAT partially allowed the Appeal, adding the income with respect to Rs. 9,22,855/-, which was the TDS deposited by the Company. 6.6 The Company after coming to know about the Income Tax proceedings has filed an IA No.17634/2022 before the Delhi High Court in CS(OS) 66/2016 praying for various reliefs. It was also pleaded by the Applicant that that decree holder is not giving the details of computation/calculations, which are due and payable by judgment debtor. The order passed by Commissioner of Income Tax was also referred to in the application. Learned Single Judge also noticed the statement of judgment debtor that judgment debtor undertakes to pay full amounts, which are due and payable to decree holder. The Delhi High Court by order dated 31.10.2022 passed in IA No.17634/2022 directed the judgment debtor to pay all amounts due and payable to the decree holder in terms of decree dated 11.01.2018. The decree holder was also directed to file computation of calculation of amount. The judgment debtor undertook to deposit amount of Rs. 5,00,000/- Rs. 25,000/- and Rs. 3 crores within 10 days. The judgment debtor deposit....
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....in Summary Suit filed by the Lender have become final. The Appeal before the Division Bench have been dismissed and SLP has also been dismissed by the Hon'ble Supreme Court, the Company cannot be heard in disputing the amount against the decree, which has become final between the parties. 9. Learned Counsel for the Lender contended that the computation of chart, which has been filed by the decree holder has adjusted the amount of Rs. 25,00,000/- as was directed by the decree dated 11.01.2018 and the amount of Rs. 3 crores deposited on 02.11.2022; amount of Rs. 60,98,847 on 17.02.2025. It is submitted that the Company is endeavouring to rely on the proceeding under the income tax, which has no relevance. The Company is also trying to get adjustment of certain amount, which according to Company has not been reflected by the Lender, which issues have become final after passing of the decree on 11.01.2018. It is submitted that application filed by Company before the learned Single Judge being IA No.17634 of 2022 is not maintainable, nor the decree has been stayed or modified by the Delhi High Court. 10. Learned Counsel appearing for the Company submitted that Company is not makin....
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....e by the Company to the lender and taking contradictory stand before the Income Tax Authorities and before the Delhi High Court. We have noticed above that after the Decree dated 11.01.2018, which was affirmed by the Division Bench on 27.07.2018 as well as by the Hon'ble Supreme Court by dismissing the SLP on 22.10.2021, an application under Section 151 CPC has been filed by the Company before the Delhi High Court in Summary Suit proceedings, i.e. CS(OS)66/2016. The copy of the order of the learned Single Judge dated 31.10.2022 has been placed on record by Company. It is useful to notice certain paragraphs of the order dated 31.10.2022. Learned Single Judge in its order dated 31.10.2022 has noted the details of all litigations between the parties, including the Compromise Deeds. The averments made by the judgment debtor has been noticed by the learned Single Judge in Paragraphs-9 and 10, which are as follows: "9. It is submitted that applicant/judgment debtor is a running company, which is a fully solvent company with 95 serving full time employees. It is submitted that judgment debtor had booked total revenue of approximately Rs. 35 crores in the last financial year i.e. ....
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....y. The said amounts, deposited by judgment debtor shall be kept in an interest bearing account. 21. After affidavit is filed by decree holder in terms of order passed today, decree holder will be at liberty to move an application before this Court praying for release of aforesaid amounts so deposited by judgment debtor with the Registrar General of this Court." 14. We have noted that after the judgment of learned Single Judge on 31.10.2022, an amount of Rs. 3 crores was deposited immediately on 02.11.2022 and after order of the Hon'ble Supreme Court dated 18.10.2024, the judgment debtor has deposited an amount of Rs. 60,98,847/- by Bank Draft dated 29.11.2024. 15. We need to first notice the objections raised by learned Counsel for the Lender with respect to orders of Income Tax Authorities, which have been relied by learned Counsel for the Company and were also filed before the Hon'ble Supreme Court along with compliance affidavit of the Company dated 28.11.2024. We may first examine as to whether proceedings of Income Tax Act has any relevance with regard to dispute of the amount between the parties. The order of Commissioner of Income Tax dated 21.09.2020 has been....
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.... 24-02- 2010 Loan given by the appellant to Anjani Technoplast 2,50,00,000 2 31-03- 2010 Loan given by the appellant to Anjani Technoplast 2,00,00,000 4,50,00,000 3 29-04- 2010 Less: receipt of the loan money from Anjani Technoplast vide cheques no.819834 (60,257) 4 29-04- 2010 Less: receipt of the loan money from Anjani Technoplast vide cheques no.819833 (4,63,716) 5 30-04- 2010 Less: receipt of the loan money from Anjani Technoplast vide cheques no.819838 (3,00,000) (8,23,793) 6 31-03- 2011 Credit balance of Anjani Technoplast transferred to the appellant by Sriram Compounds 1,19,67,870 7 31-03- 2012 Credit balance of Anjani Technoplast transferred to the appellant by Sriram Compounds 3,22,08,157 4,41,76,027 8 20-11- 2010 To 31-03- 2012 Adjustment of Purchase of raw materials from Anjani Technoplast by Sriram Compounds Pvt. Ltd. (3,45,27,547) Balance amount due from Anjani Technoplast by the appellant 96,48,480 6. Placing reliance on the aforesaid chart, it has been pleaded that even othe....