2013 (10) TMI 638

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..... ed. Moreover, it is also found that there are lots of dues from the customers to the appellant. Under these circumstances, some lenient view is warranted as regards penalty imposed under Section 76 which is the only subject matter of dispute in this case at present - Therefore, if the appellant deposits an amount of Rs. 5,00,000 within six weeks, it would be sufficient towards predeposit.
SHRI .....

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..... ven now they have not received the full amount. Further, the petitioner incurred hugs loss of Rs. 101.99 crores approximately during the financial year 2010-12 (18 months). The appellant had to keep huge inventory for carrying out the orders and the result was that they got into a financial crisis. Therefore he seeks waiver of predeposit. 3. The learned A.R. vehemently opposes the submissions and .....

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..... six weeks, it would be sufficient towards predeposit. Accordingly, the appellant is directed to deposit an amount of Rs. 5,00,000/- (rupees five lakhs only) within six weeks and report compliance on 25/09/2013. Subject to compliance with the above requirement, there shall be waiver of predeposit and stay against recovery during the pendency of the appeal. (Pronounced & dictated in open court)

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