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2024 (4) TMI 23 - JHARKHAND HIGH COURTRefund of pre-deposit alongwith interest - CIRP - Approval of Resolution Plan under IBC - wrongful availment of CENVAT credit - HELD THAT:- There are no hesitation in holding that the Revenue in the impugned order has completely misdirected itself in law and has completely misconstrued the orders passed by the Ld. NCLT. The purport of the order dated 22.04.2022 passed by the Ld. NCLT which has been relied by the Revenue to reject the claim of the Petitioner that “no persons will claim any dues including the statutory dues owed to Central, State Government or any local authority” is rather applicable qua the claims of the Revenue against the Petitioner, and does not in any manner imply that the pre-deposit made by the Petitioner is not to be refunded; more so, when the very tax liability has stood extinguished. Further, if at all the Revenue retains the pre-deposits made by the Petitioner; the same would amount to unjust enrichment since the very tax liability which was subject matter of appeals, stood extinguished. So far as stand of the Revenue that Refund application of Petitioner was examined as per Circular No. 984/08/2014-CX dated 16.09.2014; in this regard, it is observed that the said circular is inapplicable to the facts of the instant case and it is of a period prior to the enactment of the Insolvency & Bankruptcy Code, 2016. Moreover, there is no reference to the said circular in the impugned order. In the case of Rainbow Papers [2022 (9) TMI 317 - SUPREME COURT], the Revenue not only filed its claims before the resolution professional and also had challenged the resolution plan before the NCLT. However, in the instant case, there was neither any claim filed by the Revenue before the resolution professional nor there was any challenge by the Revenue to the resolution plan or any other orders passed by the NCLT. In the case of Sanjay Kumar Agarwal [2023 (11) TMI 54 - SUPREME COURT], a review was filed against the judgment in Rainbow Papers and the same was dismissed. The order is hereby, quashed and set aside. The Respondent-Revenue is directed to refund the aforesaid pre-deposit amount of Rs. 2,06,31,698/- to the Petitioner along with applicable statutory interest - the instant writ application is allowed.
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