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MARBANIANG PROJECTS PRIVATE LIMITED vs. PUNJAB NATIONAL BANK & OTHERS
(Meghalaya High Court)

Hon'ble Judges:

H. S. THANGKHIEW
Pet. Counsel
K. Paul
B. Kharwanlang,
Res. Counsel
S. Dutta
P. Riahtam

Petitioner / Applicant

MARBANIANG PROJECTS PRIVATE LIMITED

Respondent PUNJAB NATIONAL BANK & OTHERS
Court Meghalaya High Court
State

Assam

Date Dec 6, 2024
Order No.

WP(C) No. 178 of 2022

Citation

2024(12) TAXREPLY 11786
Original Order
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ORDER

JUDGMENT AND ORDER 1. The writ petitioner by this instant petition impugns the action of the respondent Bank in not releasing the amounts which is deposited in an Escrow Account, for payment of statutory liabilities including GST from the year 2017 onwards till date. 2. The brief facts are that the petitioner Company had approached the respondent Bank for financial assistance, for construction of a hotel-cum-commercial complex, which was approved and a term loan of Rs. 22 Crores was sanctioned. Thereafter, in order to meet the business expansion, an additional term loan of Rs. 8 Crore was sought, which was agreed to by the Bank with the terms and conditions that all cash flows of the business was to be routed through a designated account such as revenue receipts/receivables from the project including deposits, service charges, equity/shareholders contribution and deposited into the Project Escrow Account. Accordingly, an Escrow Agreement was executed on 20.02.2015, by the pa....

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