TMI Blog1996 (9) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... Gulati, Member (T)]. The issue in the appeal relates to the eligibility of the appellants to avail of the Modvat credit which is lying unutilised in RG 23 Part II account when the present management took over the business of the unit. 2. The learned Advocate for the appellants Shri Seetharaman has pleaded that the earlier unit was functioning under the name of Usha Rectifier Corporation ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer of management was done by a resolution passed by the Directors of Usha Rectifiers Corporation (India) Ltd. and Usha Iron Ferro Metals Corporation Ltd. We put it to the learned Advocate that the very fact that the Board of Directors resolutions were required for change over would show that both the companies are separate corporate bodies and therefore prima facie it could not be said that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manufactured in a particular unit and so long as the inputs brought in are used in a particular unit notwithstanding the change of ownership the benefit of Modvat credit should be continued to be made available on the same terms and basis as was available to the unit before its take over by a new management. 3. Heard the learned JDR for the Department. 4. We have considered the pleas made by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry and the utilisation thereof in the said factory. This being the position the question that arises is that in case there is a change of management whether the credit which has been earlier taken can be continued to be available for being utilised after the new management has taken over. In our view so long as the operations carried out in the factory are relatable to the events before its take o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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