1996 (3) TMI 235 - AT - Central Excise

Summary

The Appellate Tribunal CEGAT, Mumbai ruled that the applicants do not need to deposit Rs. 60,14,028.82 for modvat credit disallowed due to amalgamation of Shree Products Ltd. with Fidelity Industries Ltd. The Tribunal found that the rights and liabilities continued with the amalgamated company, so denial of modvat credit was not justified. Stay against recovery was granted without pre-deposit on furnishing a personal bond.