2017 (11) TMI 722

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....ri Kuldeep Vaishnav, Rakesh Sinha and Dr. Pratistha Dave, for the Respondent. ORDER Land, building and machinery of M/s. Unipex Bio-chem Private Limited was mortgaged/hypothecated with the Rajasthan Financial Corporation. The Corporation was thus a secured creditor. 2. The credit being in default the Corporation proceeded to exercise its statutory right under the State Financial Corp....

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.... Electrochem Private Limited was changed to M/s. Unipex Bio-Chem Private Limited. 5. On this short ground alone the demand has to be set aside for the reason Excise dues of M/s. Unipex Electrochem Private Limited cannot be fastened on M/s. Unipex Bio-Chem Private Limited. 6. That apart, as per the law declared by the Supreme Court in the decision reported as AIR 2013 SC 3422 = 2013....

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.... in this section, is recoverable or due, transfers or otherwise disposes of his business or trade in whole or in part, or effects any change in the ownership thereof, in consequence of which he is succeeded in such business or trade by any other person, all excisable goods, materials, preparations, plants, machineries, vessels, utensils, implements and articles in the custody or possession of the ....