M. K. AROMATICS LTD. Vs. STATE OF GOA

JUDGEMENT

(1.) Heard Mr. S. Dessai, learned Senior Advocate appearing for the applicant, M/s. M.K.Aromatics Ltd. and its Managing Director Mr. Mahesh Merchant, who is present in the Court today.

(2.) This application seeks modification of our order dated 30.01.2020 and exemption from furnishing Bank Guarantee as undertaken by the applicant in the undertaking given to this Court on 30.01.2020 and 17.02.2020 in M.C.A.no.72/2020 on the file of this Court. There is also a prayer that the undertakings be dispensed with and the applicant be discharged from the undertakings.

(3.) Mr. Dessai, the learned Senior Advocate, no doubt, on the basis of instructions makes a submission that the applicant did attempt to obtain Bank Guarantee from the Bank of Maharashtra, Bangalore, but the bank by its communication dated 03.12.2019 has declined to furnish the bank guarantee on the ground that the applicant has already exceeded the credit limit extended to it. Mr. Dessai also pointed out that in yet another communication dated 14.02.2020 from the Bank of Maharashtra, on the basis of which Mr. Dessai submits that the applicant should be relieved of the undertaking furnished by him.