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TMI Blog2022 (1) TMI 471X X X X Extracts X X X X X X X X Extracts X X X X ..... provides at Sl.No.10 exemption is available if goods falling under the tariff hearing 5506/5507 are manufactured from staple fibers procured from outside subjected to carding, combing or any other process required for spinning by the manufacturer who does not have the facility in his factory including (plant and equipment while producing goods under heading Nos.56501 5502 5504 5505. HELD THAT:- There is considerable force in the submissions made by the learned counsel for the respondent, that the appellant having not raised a claim before the Liquidator, no approval of the adjudicating authority having been obtained, filing of an appeal under Section 130 of the Act is wholly untenable, more particularly, when the distribution of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2004 to include tow in total disregard to meaning of staple fibers as is understood in the trade parlance? 2) Whether the Tribunal fell in error in not noticing the fact that even intermediate products i.e., polyester top produced at the manufacture of the final fabric is also liable for duty and penalty? 3) Whether the Tribunal has fallen in error in holding that respondent has complied with rule 6 of CENVAT Credit Rules 2004 and is eligible for the benefit of captive consumption in notification no.67/95 dated 16.03.1995? 4) Whether the Tribunal fell in error in not strictly interpreting the term staple fiber and further in holding the said notification covers both tow and staple fiber? 5) Whether the tribunal was justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see has raised a preliminary objection regarding the maintainability of the appeal. 5. IA.2/2021 has been filed by the respondent assessee with the affidavit of Mr.Ravi Devarakonda, Liquidator, M/s Reid Taylor India Ltd. It has been stated that the respondent is undergoing liquidation process initiated under the provisions of the Insolvency and Bankruptcy Code, 2016 ( Code for short) vide order dated 5.2.2019 passed by the National Company Law Tribunal (NCLT for short), Mumbai Bench, in the proceedings in MA.No.4/2019 in C.P.No.382/2018. The liquidator is authorized to represent the interest of the company under liquidation in legal proceedings. 6. Reiterating the contents of the affidavit, learned counsel appearing for the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiated under the provisions of the Code. 10. Preamble for the Code is extracted hereunder for ready reference; An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto. 11. We are of the considered opinion that there is considerable force in the submissions made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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