Court : Supreme Court of India
..... the total amount, that is the principal plus the interest, due by the assesses in the pending matters may be substantial in comparison to ..... the object is to validate all the actions taken before the date of declaration in the larger public interest.14 the doctrine does not validate an invalid law, but the declaration of invalidation takes effect from a ..... is a settled legal position that a beneficiary of an interim order of stay has to pay interest on the amount withheld or not paid under the interim order in the event the outcome goes against ..... page 19 of 22 part d21 the learned solicitor general has pointed out that the total amount due by the assesses (which includes public sector undertakings) to the governments is substantial and will impose a heavy ..... than three decades since india cement (supra) and more than a decade since the matter was referred to a larger bench, equities will be balanced if the state governments waive the outstanding interest accrued on the principal due from the assesses. ..... a pragmatic solution to reconcile the financial interests of the states and the assesses can be achieved by proscribing the states from demanding taxes pertaining to entries 49 and 50 of list ii of the seventh schedule for the ..... to be recovered;36 and (iii) direction to the states to take no coercive steps against the assesses for recovery of any demands of tax pending the appeal.37 the payment or non-payment of the dues was thus made subject to the outcome of the appeals or petitions. .....
Tag this Judgment!Court : Supreme Court of India
..... state government in this behalf by general or special order, be recovered in the same manner as if it were an arrear of land revenue and every such sum which becomes due to the government after the commencement of the mines and minerals (regulation and development) amendment act, 1972, together with the interest due thereon shall be a first charge on the assets of the holder of the mineral concession, as the case may be.10.7 under the scheme of the act, royalty ..... and discontent which would take long to allay; (5) that it would be straining the state s privileges to attach the condition of recognition of any exclusive right to minerals on the terms on which lands may be newly occupied, although in the interests of the general public, it may in particular instances be justifiable to do so, in view to the development of the ascertained mineral resources; and (6) that as regards the vast bulks of the land occupied or likely to be occupied for cultivation, such reservation ..... (1) to ascertain whether a document creates a licence or lease, the substance of the document must be preferred to the form; (2) the real test is the intention of the parties whether they intended to create a lease or a licence; (3) if the document creates an interest in the property, it is a lease; but, if it only permits another to make use of the property, of which the legal possession continues with the owner, it is a licence; and (4) if under the document a party gets exclusive possession of the property .....
Tag this Judgment!Court : Supreme Court of India
..... 2 paragraph 13 is titled power to recover overcharged amount and it reads as follows: notwithstanding anything contained in this order, the government shall by notice, require the manufacturers, importers or distributors, as the case maybe, to deposit the amount accrued due to the charging of prices higher than those fixed or notified by the government under the provisions of drugs (price control) order, 1987 and under the provisions of this order. ..... the notice made it clear that the nppa was also empowered to recover the interest due on the said amount. ..... pursuant thereto, the nppa issued demand notice dated 13.06.2005, quantifying the interest payable on the overcharged amount as 2,49,46,256/-, and the appellant was directed to deposit the overcharged amount with interest, aggregating to 4,65,08,333/-.6. .....
Tag this Judgment!Court : Karnataka
..... the instrument was issued requiring him to show cause, within a period of thirty days from the date of receipt of the notice, as to why the amount specified in the notice (excluding the interest) should not be recovered from him, and after giving that person an opportunity of being heard, and after considering the representation, if any, made by such person, determine the amount of duty ..... or interest or both to be recovered from such person, not being in excess of the amount specified in the notice, and pass order to recover the amount of duty or interest or both and the person to whom the instrument was issued shall repay the amount so specified in the notice within a period of thirty days from the date of receipt of the said order, along with the interest due on such amount, whether ..... c/w wp no.12044 of 2021 from whom such duty is to be recovered, shall, in addition to such duty, be liable to pay interest at the rate fixed by the central government under section 28aa and the amount of such interest shall be calculated for the period beginning from the date of utilisation of the instrument till the date of recovery of such duty. ..... it is significant to note that as per para 1.02 of the ftp, only the central government can amend the ftp by means of notification, in public interest; further, as per para1.03 and para2.04 of the ftp, the dgft by means of public notice can notify and amend only the hand book of procedure, amongst others, for laying down the procedure to .....
Tag this Judgment!Court : Karnataka
..... the instrument was issued requiring him to show cause, within a period of thirty days from the date of receipt of the notice, as to why the amount specified in the notice (excluding the interest) should not be recovered from him, and after giving that person an opportunity of being heard, and after considering the representation, if any, made by such person, determine the amount of duty ..... or interest or both to be recovered from such person, not being in excess of the amount specified in the notice, and pass order to recover the amount of duty or interest or both and the person to whom the instrument was issued shall repay the amount so specified in the notice within a period of thirty days from the date of receipt of the said order, along with the interest due on such amount, whether ..... c/w wp no.12044 of 2021 from whom such duty is to be recovered, shall, in addition to such duty, be liable to pay interest at the rate fixed by the central government under section 28aa and the amount of such interest shall be calculated for the period beginning from the date of utilisation of the instrument till the date of recovery of such duty. ..... it is significant to note that as per para 1.02 of the ftp, only the central government can amend the ftp by means of notification, in public interest; further, as per para1.03 and para2.04 of the ftp, the dgft by means of public notice can notify and amend only the hand book of procedure, amongst others, for laying down the procedure to .....
Tag this Judgment!Court : Karnataka
..... refundable deposits under this agreement forthwith without any further delay and the owner shall be liable to repay forthwith to the developer, the entire sum of rs.40,00,00,000/- (rupees forty crores only) alongwith interest due and payable as on that day;6) this agreement shall be read in conjointly with the memorandum of understanding dated 23.12.2009 and joint development agreements dated 29/10/2010, 31/3/2011 & 26/8/2010 and save and except ..... the said memorandum of understanding and the principal agreement,2) as the said sum of rs.40,00,00,000/= (rupees forty crores only) was paid in advance having been treated as interest bearing refundable deposits from the developer to the owners with effect from 1st january 2011, and shall carry simple interest at the rate of 24% per month which is payable by the owners commencing from 1st january 2011 the time of actual amount of rs. ..... by the developer to the owners under the memorandum of understanding and the principal agreement, a sum of rs.40,00,00,000/- (rupees forty crores only) was paid in advance as per the request of the owners shall be treated as a interest bearing refundable deposits from the second party to the first party, and thus only a sum of rs. ..... 183,50,00,000/- (rupees one hundred and eighty-three crores fifty lakhs only) become due and payable under principal agreement and the owners complying with all the conditions precedent set out herein below: (a) denotification of lands for the survey numbers which are notified, .....
Tag this Judgment!Court : Karnataka
..... refundable deposits under this agreement forthwith without any further delay and the owner shall be liable to repay forthwith to the developer, the entire sum of rs.40,00,00,000/- (rupees forty crores only) alongwith interest due and payable as on that day;6) this agreement shall be read in conjointly with the memorandum of understanding dated 23.12.2009 and joint development agreements dated 29/10/2010, 31/3/2011 & 26/8/2010 and save and except ..... the said memorandum of understanding and the principal agreement,2) as the said sum of rs.40,00,00,000/= (rupees forty crores only) was paid in advance having been treated as interest bearing refundable deposits from the developer to the owners with effect from 1st january 2011, and shall carry simple interest at the rate of 24% per month which is payable by the owners commencing from 1st january 2011 the time of actual amount of rs. ..... by the developer to the owners under the memorandum of understanding and the principal agreement, a sum of rs.40,00,00,000/- (rupees forty crores only) was paid in advance as per the request of the owners shall be treated as a interest bearing refundable deposits from the second party to the first party, and thus only a sum of rs. ..... 183,50,00,000/- (rupees one hundred and eighty-three crores fifty lakhs only) become due and payable under principal agreement and the owners complying with all the conditions precedent set out herein below: (a) denotification of lands for the survey numbers which are notified, .....
Tag this Judgment!Court : Karnataka
..... refundable deposits under this agreement forthwith without any further delay and the owner shall be liable to repay forthwith to the developer, the entire sum of rs.40,00,00,000/- (rupees forty crores only) alongwith interest due and payable as on that day;6) this agreement shall be read in conjointly with the memorandum of understanding dated 23.12.2009 and joint development agreements dated 29/10/2010, 31/3/2011 & 26/8/2010 and save and except ..... the said memorandum of understanding and the principal agreement,2) as the said sum of rs.40,00,00,000/= (rupees forty crores only) was paid in advance having been treated as interest bearing refundable deposits from the developer to the owners with effect from 1st january 2011, and shall carry simple interest at the rate of 24% per month which is payable by the owners commencing from 1st january 2011 the time of actual amount of rs. ..... by the developer to the owners under the memorandum of understanding and the principal agreement, a sum of rs.40,00,00,000/- (rupees forty crores only) was paid in advance as per the request of the owners shall be treated as a interest bearing refundable deposits from the second party to the first party, and thus only a sum of rs. ..... 183,50,00,000/- (rupees one hundred and eighty-three crores fifty lakhs only) become due and payable under principal agreement and the owners complying with all the conditions precedent set out herein below: (a) denotification of lands for the survey numbers which are notified, .....
Tag this Judgment!Court : Supreme Court of India
..... bearing in mind such stark reality, sub-rule (5) of rule 9 cannot but be interpreted pragmatically to serve twin purposes first, to facilitate due enforcement of security interest by the secured creditor (one of the objects of the sarfaesi act); and second, to prohibit wrong doers from being benefitted by a liberal construction thereof. ..... (7) where the immovable property sold is subject to any encumbrances, the authorised officer may, if he thinks fit, allow the purchaser to deposit with him the money required to discharge the encumbrances and any interest due thereon together with such additional amount that may be sufficient to meet the contingencies or further cost, expenses and interest as may be determined by him. ..... regard being had to the poor working of the recovery of debts due to banks and financial institutions act, 1993, the securitisation and reconstruction of financial assets and page 30 of 81 enforcement of security interest act, 2002 was brought into force in the year 2002. 22. ..... the question, therefore, is whether the public interest in recovering debts due to banks and financial institutions is to give way to the public interest in rehabilitation of sick industrial companies, regard being had to the present economic scenario in the country, as reflected in parliamentary legislation. .....
Tag this Judgment!Court : Supreme Court of India
..... in other words, we give the option to the successful resolution applicant dvi (deccan value investors) to treat appellant 1-vistra as a secured creditor, who will be entitled to retain the security interest in the pledged shares, and in terms thereof, would be entitled to retain the security proceeds on the sale of the said pledged shares under section 52 of the code read with rule 21-a of the liquidation process ..... credit is important for commerce as it reduces credit risk and carries lower interest due to lower loss value in the event of failure. ..... the submission that the secured creditor s entitlement to distribution under section 53(1)(b)(ii) is applicable where the secured creditor relinquishes its security interest under section 52 of the code, and, therefore, is not applicable to dissenting financial creditors like the appellant is erroneous and ..... the payment of money and not anything of its equivalent in the nature of barter; and a provision in that regard is required to be made in the resolution plan whether in terms of direct money or in terms of money recovery with enforcement of security interest, of course, in accordance with the other provisions concerning the order of priority as also fair and equitable distribution. ..... case, that is, whether by direct payment in cash or by allowing recovery of amount via the mode of enforcement of security interest, the dissenting financial creditor is entitled to receive the amount payable in monetary terms and not in any other term. .....
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