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2014 (9) TMI 296 - HC - Central ExciseWaiver of pre deposit - Sick company - tribunal dismissed the appeal for failure to comply with its direction to deposit whole of amount - non-consideration of overwhelming factual aspects presented by the petitioner along with severe financial crises pleaded for reduction of the pre-deposit amount. - Held that:- Revenue has not denied the factum of liquidity crunch as well as Company being under the control of Inventory Construction Company Limited. It is also not disputed that the same is registered with the Reserve Bank of India. The details of financial hardship and the inability of the Company to even committed to one time settlement after its account become NPA are some of the glaring facts pointing to the undue hardship of the petitioner. Revenue has objected to the order of pre-deposit relying in the judgment of this Court in M/s. Special Prints Ltd. v. UOI reported in [2008 (7) TMI 369 - AHMEDABAD HIGH COURT] where Court held that merely because Company is declared to be a sick industrial undertaking that would not ipso facto entitle them to get relief of waiver of pre-deposit. Moreover it would apt to note at this juncture that the amount of ₹ 10.00 lakhs is already deposited with the Tribunal and therefore, it cannot be said that the petitioner is not desirous of genuinely pursuing the said cause. All the three orders under challenge passed by the Tribunal of rejecting the request of total waiver of pre-deposit and consequently dismissing all the appeals of the petitioner for non-deposit of amount vide its impugned orders respectively dated 9-9-2010, dated 31-1-2011 and dated 29-3-2011 need to be quashed. Resultantly, orders impugned are set aside and quashed. While allowing this petition, it is being specified, however, that the amount of ₹ 10.00 lakhs already deposited by the petitioner by way of pre-deposit with the CESTAT shall continue to remain with the Tribunal till final disposal of the appeals - Decided in favour of assessee.
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