https://www.taxtmi.com/caselaws?id=84781 On a takeover under the Textile Undertaking (Taking Over of Management) Act, 1983, receivables of the undertaking, including a refund sanctioned after the appointed day, vest in the custodian because the managed undertaking is deemed to include its assets, rights and interests. At the same time, liabilities incurred before the appointed day remain enforceable only against the textile company and not against the Central Government or the custodian. The special takeover statute therefore prevails over the general adjustment mechanism under Section 11 of the Central Excises and Salt Act, 1944, so pre-takeover excise dues cannot be set off against the vested refund. en-us Mon, 15 Apr 1991 00:00:00 +0530 Mon, 25 Jul 2011 16:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=84781 On a takeover under the Textile Undertaking (Taking Over of Management) Act, 1983, receivables of the undertaking, including a refund sanctioned after the appointed day, vest in the custodian because the managed undertaking is deemed to include its assets, rights and interests. At the same time, liabilities incurred before the appointed day remain enforceable only against the textile company and not against the Central Government or the custodian. The special takeover statute therefore prevails over the general adjustment mechanism under Section 11 of the Central Excises and Salt Act, 1944, so pre-takeover excise dues cannot be set off against the vested refund. Case-Laws Central Excise Mon, 15 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=84781