9911796707
TMI Blog1994 (11) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... 9E of the Customs Act, 1962 within 16 weeks from the date of the receipt of the order. Compliance was to be reported after 20 weeks from the date of issue of the order. The learned Senior Counsel Shri A. Hidayatullah appearing alongwith the learned Counsel Shri M.P. Baxi submitted that the applicants by the present application are seeking to modify the stay order as aforesaid. The learned Counsel also informed that the applicants had challenged the stay order of the Tribunal before the Delhi High Court but their petition has been dismissed by the Delhi High Court dated July 4, 1994 holding that the High Court do not find any error in the Tribunal s stay order. The Senior Counsel further submitted that the applicants would plead for a lenien ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave sought this modification. The learned Senior Departmental Representative pointed out that the High Court has considered their plea against the stay order and has not interfered with the order passed by the Tribunal. This it would be itself a ground for dismissing the applications. As regards the financial position, the learned Senior Departmental Representative referred to Para-20 of the Tribunal s stay order dated 4-3-1994 and contended that the Tribunal had considered all the aspects of their financial condition, assessed their capacity to raise the necessary funds for making the pre-deposit. The learned Senior Departmental Representative pointed out that the Tribunal had noted their declaration in the Wealth Tax Report of over Rs. 93 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% of the penalty amount in cash and to give bank guarantee for the balance 50%. We have gone through the order and have heard Mr. Arun Jaitley, Senior Advocate and we do not find any error in the impugned order for us to interfere. Dismissed." Sd/- Sd/- July 4, 1994 D.P. Wadhwa, J. Devinder Gupta, J. The applicants now say that there has been subsequent deterioration in their financial position and requested for modification of the stay order. We have perused the Balance Sheet provisional as on 31-3-1994 of the firms M/s. N. Futehally Co., M/s. Speedax and M/s. Ashiya Motors. On consideration of the amount of their current assets sides including Sales Revenue and Sundry Debtors, we are of the view having regards specially ..... X X X X Extracts X X X X X X X X Extracts X X X X
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