- (1.)By this application, the Union of India is seeking a direction to the GTC Industries Ltd. to pay the interest as directed by this Court vide order dated 4-3-1998. The application in question is opposed by the GTC Industries Ltd. on the ground that the company is now before the BIFR, hence, any claim for interest by the Union of India should be governed by the Scheme framed under the said Act.
(2.)We are not inclined to accept this objection of the GTC Industries Ltd. because when the order of this Court was made on 4-3-1998, the company was already before the BIFR, hence, it should be presumed that in spite of the said fact this Court directed the company to pay the interest. In such circumstances, this application is liable to be allowed and we direct the GTC Industries Ltd. to pay interest, as directed by this Court vide order dated 4-3-1998.
(3.)The company is given 12 weeks time to pay the interest as directed by this Court in its aforesaid order.