AGARDEEP ENTERPRISES PVT. LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) Counsel for petitioner submits that legal question which emerges in the instant writ petition for consideration of this Court is as to whether the liability being assessed against the predecessor can be recovered from the successor who in the instant case is petitioner and subject property was purchased through RIICO free from all encumbrances. However, further submits that as regards component of principal sum and penalty has been deposited and receipt whereof has been placed for perusal of this Court and as regard interest component is concerned, the Assistant Commissioner in his order dated 24 -1 -2008 observed that interest shall be payable in accordance with Rule 8(3) of Central Excise Rules, 2002 for the period commencing immediately after the said date obviously till actual payments are made.

(2.) It is further brought to our notice that the question regarding component of interest is pending before the Apex Court and kept in abeyance in Special Leave to Appeal (Civil) No. 15712/2012 Navjeevan Industries v/s. UOI & Ors. and the ad -interim order dated 11 -5 -2012 is made absolute by the Apex Court vide order dated 18 -1 -2013.

(3.) Taking note of the submission made, we find prima facie justification in what is being contended by counsel for petitioner and accordingly we direct that the component of interest impugned in the instant proceedings, until further orders, shall remain stayed. However, parties are at liberty to move application after decision of the Apex Court, reference of which has been made supra. The stay application accordingly stands disposed of.