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Issues: Whether the requirement of pre-deposit of duty and penalty should be waived in view of the applicants' sickness reference before BIFR and the circumstances of the case.
Analysis: The applicants sought waiver on the ground that their reference had been registered before the Board for Industrial and Financial Reconstruction and that proceedings against a sick industrial company were attracted by the protection under Section 22 of the Sick Industrial Companies (Special Provisions) Act. Support was also drawn from the High Court's prima facie observation on limitation and from decisions where pre-deposit had been waived for sick companies. The Revenue opposed waiver and urged deposit to safeguard the demand.
Conclusion: The requirement of pre-deposit of the entire duty and penalty was waived in favour of the applicants.
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