S.I.P. INDUSTRIES Vs. CCE

JUDGEMENT

(1.) THIS application filed by the appellants is for modification of Stay Order No. 20/99 -BI dated 8.2.1999 passed by this Tribunal in Stay Application No. E/Stay/43/99 -BI in the above appeal.

(2.) THE applicant filed the appeal against duty demand of Rs. 37,13,374/ - on super enamelled copper winding wire and copper scrap and a penalty of an equal amount imposed under Section 11AC of the Central Excises Act, 1944. The applicant also filed Misc. Application No. E/Stay/43/99 -BI praying for waiver of predeposit, and stay of recovery, of the above amounts on the ground of very bad financial position. The Tribunal passed the aforesaid order dated 8.2.1999 after hearing both sides and considering the totality of facts and circumstances of the case, staying recovery on the condition that the amounts of Rs. 18 lakhs and Rs. 5 lakhs be deposited towards Central Excise duty and penalty respectively within a period of 12 weeks and making it clear that any non -compliance with the order shall result in dismissal of the appeal without further notice. The applicant deposited Rs. 5 lakhs on 22.4.1999 in partial compliance with the above condition and subsequently filed the present application praying that such deposit of Rs. 5 lakhs be treated as compliance with the statutory condition for hearing of the appeal, by appropriate modification of the earlier stay order.

(3.) THE grounds stated for such modification of the earlier stay order are, by and large, found to be the same as those stated in the earlier stay application. The present application is accompanied by (unauthenticated) copies of certain documents viz. loan agreement, promissory notes, acknowledgements from the Income Tax Department for the Assessment Years 1997 -98 and 1998 -99, statements of current account No. 1595 of the applicant from Andhra Bank, Balance Sheet as on 31.3.1997, Trading and Profit and Loss Account for the year ended 31.3.1997 and similar Account for the year ended 31.3.1998. We observe that some of these documents have already been considered by the Tribunal for the purpose of disposal of the earlier stay application.