The Delhi High Court has recently lifted the provisional attachment of the 11 Bank Accounts of SPNN Business Services so as to pay the salaries of the employees.
The petitioner-company, SPNN Business Services has approached this Court for interim directions for lifting the provisional attachment so that the subject bank accounts could become operable and the petitioner-company is not only able to pay the salaries and other statutory dues concerning its employees but is also able to pay the amounts claimed by the respondents.
As per the respondent authority the cumulative amount outstanding is Rs.20.22 crores which includes the principal amount of Rs.17.26 crores and interest amounting to Rs.2.96 crores.
The division bench of Justices Talwant Singh and Rajiv Shakdher said that since the exact credit balance available in the 11 bank accounts is not known although both sides claim it is in the range of at least Rs.5.00 crores the petitioner-company will ensure that it retains only a cumulative amount of Rs.2.00 crores in the said bank accounts and deposits the balance amount with the respondents within two days.
The court directed that the petitioner-company will deposit the first tranche of Rs.5.00 crores with the respondents on or before 31.03.2021. This will be apart from the excess amount that the petitioner-company is required to deposit with the respondents.
The court clarified that Rs. 2.00 crores which the petitioner- company, for the moment, has been permitted to collect from the 11 bank accounts will be only used to pay the salaries of the employees.Subscribe Taxscan AdFree to view the Judgment
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