The HC however, said it was okay for the firm to withdraw the amount prior to its maturity date.
However, MGP through advocate Uday Warunjikar contended that since Wizcraft deposited only Rs 3.33 crore it should be only allowed to withdraw this amount and not the interest on it.
“It is not in dispute that in pursuance of the orders passed by the Supreme Court, an amount of Rs 3.33 crore from the company’s account came to be deposited in this Court. As the state has decided the company’s plea in it’s favour, admittedly there exists no liability for payment of such duty by the firm,” the chief justice said in his May 7 orders.
The bench further noted that state in its order hasn’t made any reference to the interest, “possibly for the reasonthat it was none of the concern of the state when the amounts stood deposited in this Court.”
“In these circumstances, in our opinion, the company is entitled for refund of not only the principal amount but also to the accrued interest on such amount,” the bench ruled.
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