Case Law Details
Futurist Innovation & Advertising Vs Union of India And Others (Bombay High Court)
Hon’ble Supreme Court in case of Radha Krishan Industries (supra) has dealt with this issue in detail and has approved the decision taken by Gujarat High Court in case of Valerius Industries Vs. Union of India. It is held by the Hon’ble Supreme Court that the power to order a provisional attachment is entrusted during pendency of the proceedings under any of the specified provisions under Sections 63, 64, 67, 73 or 74. It is when a proceeding under any of these provisions is pending that a provisional attachment can be ordered. It is held that under sub-section (2) of Section 83, a provisional attachment ceases to have effect upon the expiry of the period of one year of the order being passed under sub-section (1). The power to levy a provisional attachment has been entrusted to the Commissioner during the pendencdy of proceedings under Sections 62, 63, 64, 67, 73 or as the case may be, Section 74. The principles laid down in the case of Radha Krishan Industries (supra) apply to the facts of this court. We are respectfully bound by the said judgement.
FULL TEXT OF THE JUDGMENT/ORDER of BOMBAY HIGH COURT
2. Mr. Dhananjay B. Deshmukh, learned Counsel appearing for Respondent Nos.1 and 2 waives service. Ms. Sangeeta Yadav, learned Counsel appearing for Respondent Nos.3 and 4 waives service.
3. By consent of the parties, the petition is taken up for final hearing and disposal.
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