RUBY RUBBER INDUSTRIES Vs. COMMISSIONER OF C EX

JUDGEMENT

(1.) The Petitioner No. 1 which is a partnership firm and Petitioner No. 2 who is a partner of the said firm have challenged in the instant Writ Application the validity of the Order dated 5th November, 1997 and February 11, 1998 passed by Customs Excise and Gold (Control) Appellate Tribunal being the Respondent No. 2, on the application made by the petitioners before the said Tribunal for stay of realisation of the Excise duty and penalty pending the hearing of the appeal preferred before the Tribunal.

(2.) By the order dated November 5, 1997 the Tribunal being of the view that the petitioners do not have a strong prima facie case and are not in a very poor financial position disposed of the application for stay by directing to pre-deposit an amount of Rs. 20 lakhs towards the Excise duty and Rs. 50,000/-towards penalty by each of the appellant before the Tribunal. It may be recorded that a sum of Rs. 40,10,177.00 p. was claimed as Excise duty and Rs. 5 lakh was imposed as a penalty on each of the appellant by the Adjudicating Authority.

(3.) After the passing of the said order the present petitioners applied before the Tribunal for modification of the Order dated 5th November, 1997 inter alia on the ground that the Tribunal while passing such order has not properly applied its mind, inasmuch it totally overlooked the unsecured loan of Rs. 56.50 lakhs and accordingly did not take into account the same while considering the current liabilities of the petitioners.