2022 (1) TMI 471

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....ing questions of law; 1) Whether the Tribunal is justified in expanding the meaning of the term staple fiber at Sl.No.10 of Notification No.30/2004 dated 09.07.2004 to include tow in total disregard to meaning of staple fibers as is understood in the trade parlance? 2) Whether the Tribunal fell in error in not noticing the fact that even intermediate products i.e., polyester top produced at the manufacture of the final fabric is also liable for duty and penalty? 3) Whether the Tribunal has fallen in error in holding that respondent has complied with rule 6 of CENVAT Credit Rules 2004 and is eligible for the benefit of captive consumption in notification no.67/95 dated 16.03.1995? 4) Whether the Tribunal fell in error in not strictly....

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....with consequential relief, if any, the Revenue has preferred this appeal. 4. At the outset, learned counsel appearing for the respondent - assessee has raised a preliminary objection regarding the maintainability of the appeal.   5. IA.2/2021 has been filed by the respondent - assessee with the affidavit of Mr.Ravi Devarakonda, Liquidator, M/s Reid & Taylor India Ltd. It has been stated that the respondent is undergoing liquidation process initiated under the provisions of the Insolvency and Bankruptcy Code, 2016 ('Code' for short) vide order dated 5.2.2019 passed by the National Company Law Tribunal (NCLT for short), Mumbai Bench, in the proceedings in MA.No.4/2019 in C.P.No.382/2018. The liquidator is authorized to represent the in....

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....he parties and perused the material on record. 9. It is not in dispute that the respondent - company is under the process of liquidation initiated under the provisions of the Code. 10. Preamble for the Code is extracted hereunder for ready reference; "An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected th....