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<h1>Tribunal grants stay on demand for Modvat credit, citing precedent.</h1> The Tribunal granted a stay on the demand for dispensing with a predeposit of Rs. 96,882.62, which was denied as Modvat credit due to taking credit on ... Stay/dispensation of pre-deposit - Modvat The judgment is about an application for dispensing with a predeposit of Rs. 96,882.62 denied as Modvat credit. The denial was due to taking credit on inputs received under invoices in the name of loan licensees. The Tribunal referred to a previous decision where such invoices were accepted for Modvat purposes. Stay was granted on the demand due to the precedent decision.