1994 (7) TMI 134

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....td. are required to deposit the duty amounting to Rs. 55,04,137.86 and a penalty of Rs. 5,00,000/- and similarly the applicants M/s. Sachdeva Industries are required to deposit a penalty of Rs 5,00,000/- imposed on them for the purpose of hearing these two appeals. 2. The issue relates to clubbing of clearances of both the units and denial of exemption in terms of relevant notification for the period in question. The Collector confirmed the demand based upon the charges in the show cause notice. Hence these two Stay applications. 3. Arguing for the applicants in support of the Stay applications filed by the applicants Shri L.P. Dhir, learned Advocate submitted that the clubbing of clearances of both the units in the instant ....

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....he submitted that the balance of convenience is also in favour of the party since there is loss of Rs. 2,72,831.79 for the year ending 31st March, 1993 in the case of M/s. Kesho Ram & Sons (P) Ltd. and a loss of Rs. 13,290 for the year ending 31st March, 1993 in the case of M/s. Sachdeva Industries. 4. While countering the arguments Shri B.K. Singh, learned SDR for the Revenue submitted that the sufficient time taken by the Adjudicating Authority in passing the order is not a ground to find fault with the order since voluminous material evidence and in view of the complexity of the case contained therein as can be seen from the impugned order. It is not even the case of the party that all their pleas have not been considered. On the....

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.... the submissions, we are of the view that the issues have to be examined in detail and that can be done only at the time of regular hearing. On the issue of financial position of the applicants apart from the submissions made by the learned SDR, we take note of the fact that the liquidity position is not that bad since current assets exceed current liability and current assets worth about Rs. seven and half lakhs as can be seen from the balance sheets for the year ending 31st March, 1993 in the case of Kesho Ram & Sons (P) Ltd. We are of the view that prima facie case is not in favour of the applicants to grant absolute stay. But on seeing the financial position as reflected in the balance sheets it would cause undue hardship if the applica....