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2016 (8) TMI 293 - AT - Central ExciseRefund of unutilized Cenvat credit - closure of factory - due to suffering heavy losses, the appellants stopped their production - surrender of registration certificate - Held that:- in view of the decision of Hon'ble High Court of Karnataka in the case of Union of India V. Slovak Trading Co. Pvt. Ltd. [2006 (7) TMI 9 - KARNATAKA HIGH COURT] which was affirmed by Supreme Court in [2007 (1) TMI 556 - SUPREME COURT], there is no express prohibition in terms of Rule 5. Also the Tribunal is fully justified in ordering refund partly in the light of the closure of the factory and in the light of the assessee coming out of modvat scheme. Therefore, the refund cannot be denied. - Decided in favour of appellant with consequential relief
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