1998 (12) TMI 188

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..... [Order per : G.N. Srinivasan, Member (J)]. This is an application for waiver of payment of a sum of Rs. 38,13,728/- being Modvat credit wrongly availed of by the appellant. 2. The appellant is engaged in the manufacture of rayon/nylon/POY etc., falling under different chapter sub-headings of Chapter 54 of the Central Excise Tariff. The appellant availed Modvat credit on POY from 11-8-1994 .....

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..... decisions including the Larger Bench decision of the Tribunal in Polychem Ltd. v. CCE, Pune - 1997 (90) E.L.T. 156. The ld. Consultant also argued that there is a resource crunch and the appellant has incurred already a loss of Rs. 70.00 crores. He also contended that part of the demand is barred by limitation. 4. The departmental representative, as against this, argues reiterating the grounds m .....

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