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2007 (9) TMI 528 - AT - Central Excise
Issues: Compliance with deposit order, modification of stay order, possession of assets by Bank of Maharashtra, early hearing date
Compliance with deposit order: The judgment pertains to an order directing the appellant to deposit Rs. 7 lakhs within 8 weeks, with a compliance report. Upon the matter being called for compliance, neither the appellant nor a compliance report was present. However, the appellant had filed a miscellaneous application citing that their assets were taken over by Bank of Maharashtra under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Panchnama recorded the closure of the factory, inventory preparation, and the Bank's possession of the properties. Modification of stay order: Considering the appellant's situation, the Tribunal modified the stay order unconditionally due to the difficulty in depositing Rs. 7 lakhs in cash. The Tribunal acknowledged the possession of assets by the Bank of Maharashtra and allowed the stay petition without conditions. The Tribunal also scheduled an early hearing for the appeal due to the involvement of revenue amounting to Rs. 20 lakhs. Possession of assets by Bank of Maharashtra: The appellant's movable and immovable assets were taken over by the Bank of Maharashtra under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Panchnama detailed the closure of the factory, preparation of Plant & Machinery inventory, and the Bank's possession of the properties, leading to the Tribunal's decision to modify the stay order unconditionally. Early hearing date: Given the involvement of a substantial revenue amount of Rs. 20 lakhs, the Tribunal fixed an early hearing date for the appeal on 22-10-2007 to address the case promptly and efficiently. The decision to expedite the hearing process was made in light of the financial implications and the modified stay order allowing the appellant relief from the deposit requirement.
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