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Judgment
Heard learned Counsel for the parties.
Mr. S. Ganesh, learned senior Counsel appearing for the petitioners submits that the petitioners have already deposited Rs. 3,51,85,723 with the Debts Recovery Tribunal (DRT), Mumbai.
In the facts and circumstances of this case, on the oral prayer made by the learned Counsel for the petitioners, we permit the income tax department to implead itself as party in Appeal No. 336 of 2006 pending before the Debts Recovery Appellate Tribunal, Mumbai (DRAT). The income tax department shall appear in those proceedings before the DRAT. Mr. Ganesh undertakes to furnish a bank Guarantee of Rs. 3 Crores in favour of the Registrar, Supreme Court of India within four weeks from today. In view of the undertaking of Mr. Ganesh regarding bank Guarantee of Rs. 3 crores, we direct that all attachment orders passed in respect of the petitioners shares and bank Accounts be released forthwith. It is made clear that in case bank Guarantee is not furnished within four weeks, this order would be of no use to the petitioners.
We request the DRAT to hear and dispose of the Appeal No. 336 of 2006 as expeditiously as possible and in any event, within three months from the date of communication of this order. The bank Guarantee given by the petitioners shall be kept alive in this Court during the proceedings before the DRAT. The recovery proceedings initiated by the bank of Baroda against Respondent No. 4 - Amit Jhaveri shall remain stayed until further orders.