9911796707
TMI Blog1994 (5) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case, including prima facie case and liquidity position of the appellants before it, as well as the interest of the Revenue, the appellants should be directed to deposit the various amounts mentioned in Para 38 of the said order as well as furnish bank guarantee for the balance of the amount of duty wherever short pre-deposit had been directed within three months from the date of receipt of the order. It was not disputed before us that in the two cases put together the result of the above order of the CEGAT is that the petitioners should deposit Rs. 35 crores in cash and furnish bank guarantee for the balance amount of Rs. 55 crores. Against the said orders, two writ petitions were filed in this Court bearing Nos. C.W.P. 5127 of 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Court. Even after the matter went back, the CEGAT was not inclined to take a different view of the matter. 3. During the course of the submissions in this Court learned counsel for the petitioners submitted that the financial liquidity of the company was not sufficient so as to meet the orders of deposit directed by the CEGAT and, therefore, offered to pay Rs. 2 crores by the end of May, 1994, Rs. 5 crores by 31-3-1995 and another Rs. 5 crores by 31-3-1996 and Rs. 3 crores by 31-10-1996. Learned counsel for the petitioners offered to deposit certain share certificates of U.P. Cements, which according to the petitioners have a value of Rs. 5 crores. Learned counsel also offered to give an undertaking in having a resolution of the Boa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y CEGAT and this part of the order of CEGAT is confirmed. 8. So far as the bank guarantee for Rs. 55 crores is concerned, having regard to the need for finding cash equivalent to be made available to the banks for providing the bank guarantee, we are inclined to dispense with the same subject to certain conditions. The CEGAT considered that so far as the balance amount is concerned, bank guarantee for Rs. 55 crores would suffice and no cash deposit for the balance was necessary for hearing of the appeal. Instead of the bank guarantee, as directed by the CEGAT, we are modifying that part of the order to this extent by imposing further conditions, namely, that the petitioners shall not alienate their assets and encumber the same in any mann ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
