JAI CORPORATION LTD. Vs. CCE

JUDGEMENT

(1.) THIS appeal is directed against the OIO No. 10/DEM/VAPI/2007, dt. 14.09.2007.

(2.) THE relevant facts, in brief, are that M/s. Jai Corp Ltd. (Spinning Division), Survey No. 246, Vasona Village, Khanvel Road, Silvassa (hereinafter referred to as M/s. Jai Corp for the sake of brevity) is engaged in the manufacture of synthetic blended/spun yarn falling under Chapter sub heading 55095100 and 55092100 of the Central Excise Tariff Act, 1985 and holding Central Excise Registration No. AAA CJ 2591 AXM 010.

(3.) LD . Counsel appearing on behalf of appellant would take us through the impugned order. After referring to the various findings recorded by the adjudicating authority, he also refers to the show cause notice and the allegations made therein. It is the submission that appellant herein had purchased the assets of defunct M/s. Santogen Spinning Mills along with the assets and liabilities thereof. He would submit that the CENVAT Credit which has been availed by the appellant was shown in the assets and the liabilities as available to M/s. Santogen Spinning Mills. He would then submit that the appellant had taken the Central Excise registration certificate and filed the returns with the authorities. He would submit that the appellant has not done anything wrong holding for disallowing CENVAT Credit to him. After referring to the sale certificate given by M/s. Assets Reconstruction Company (India) Limited (hereinafter referred to as M/s. ARCIL), he would submit that the said sale certificate clearly indicate that the appellant had taken over the assets and liabilities in toto. It is his submission that having taken over the assets and the liabilities together, the appellant was entitled for CENVAT Credit lying in balance of M/s. Santogen Spinning Mills.