TMI Blog2020 (12) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... econstruction Company. It also transpire from the records that the Department had written letters to J.M. Financial Assets Reconstruction Company and the auction purchaser for compliance of the order passed by the Commissioner. The appellant in the present appeal has satisfactorily explained the delay in filing the appeal. The delay condonation application is allowed subject to payment of cost of ₹ 25,000/-, which the appellant shall deposit within the period of one month from today in the Prime Minister s CARES Fund - matter shall be listed on January 8, 2021 for a report regarding compliance of the order. - SERVICE TAX CONDONATION OF DELAY APPLICATION NO. 50305 OF 2020 IN DIARY NO. 502092020 - MISCELLANEOUS ORDER NO. 42/202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal goods and on services used in construction; (ii) The appellant had taken a loan of ₹ 125 crores on January 21, 2010 by consortium of banks lead by UCO Bank. This loan was, however, declared Non-Performing Asset [NPA ] by the banks; (iii) A show cause notice dated May 10, 2013 was issued by the Department regarding availing CENVAT credit of ₹ 10,21,04,601/- + utilization of CENVAT credit to the extent of ₹ 6,45,131/-; (iv) Pursuant to the proceedings initiated by the banks under the provision of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [SARFAESI Act ] possession was taken by the bank on July 26, 2013; (v) The impugned order was passed by the Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eptember 6, 2019 in which the appellant was impleaded as respondent no. 3 and a stay order was passed by the High Court. 3. Shri Sumit Nema, learned counsel for the appellant submitted that in such circumstances when the entire CENVAT credit availed by the appellant had been reversed and the Department had also been informed in writing about the fact and the Department had also sent letters to J.M. Financial Assets Reconstruction Company and the subsequent purchaser for payment of the amount under the order, the appellant bona fide believed that there was no necessity of filing any appeal before the Tribunal. However, when a writ petition was filed by J.M. Financial Assets Reconstruction Company impleading the appellant as respondent no. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be noticed that the mall was ultimately auctioned by J.M. Financial Assets Reconstruction Company. It also transpire from the records that the Department had written letters to J.M. Financial Assets Reconstruction Company and the auction purchaser for compliance of the order passed by the Commissioner. As such reversal of the credit by the appellant and the sending of communications by the Department to J.M. Financial Assets Reconstruction Company and the auction purchaser could have made the appellant believe that it was not necessary to file the appeal before the Tribunal. However, when a writ petition was filed in the Madhya Pradesh High Court by J.M. Financial Assets Reconstruction Company against the action of the Department in reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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