2010 (10) TMI 264 - HC - Central Excise

Waiver of pre-deposit - Civil application - Modification of the order - The voluntary statement made by the Senior Vice President of the appellant Company, who was present in the Court - The order was passed by the Court that the appellant will deposit rupees two crores with the Department - The appellant seeks modification of the order inter alia on the ground that the financial position of the appellant is precarious and all the assets including plant and machinery and building have been taken over by the Asset Reconstruction Company (India) Ltd. Held that all facts were within the knowledge of the Senior Vice President, when he made the statement before this Court that appellant would deposit rupees two crores within six weeks - Hence, the civil application is totally misconceived and the same is rejected.

Summary

The High Court Bombay rejected the civil application seeking modification of an order to deposit two crores rupees by an appellant company, as the financial position of the company was precarious and its assets had been taken over by another company. The court found the application to be misconceived.