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2011 (4) TMI 1034 - HC - Central ExciseApplication seeking modification - Deposit of amount against stay order - immovable property worth Rs.6 crores is under the attachment of the Excise Department - Petitioner permitted to raise loan of Rs.55 lacs on the properties already attached, so as to make payment of this amount to Excise Department with the condition that, attachment would not come in the way of the petitioners and any Bank or Financial Institution sanctioning the loan of Rs.55 lacs after creating charge or encumbrance on this property shall have first charge on this property - amount shall not be used for any other purpose, except for the purpose of making payment to the Excise Department. The Excise Department shall not raise any objection in petitioners getting the loan sanctioned by creating charge and/or mortgaging the attached property for the above purpose - Appeal restored and the CESTAT
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