2024 (10) TMI 1338

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.... that M/s. Veesons Energy Systems (P) Ltd., Trichy (the Appellant herein) who are engaged in the manufacture of Agro waste Boilers and Boiler Spares and Parts were issued with a Show Cause Notice No. V/Ch.84/30/15/2913-C.Ex.Adj. dated 27.12.2013 for recovery of Rs.3,08,272/- of irregular CENVAT credit availed by them under Section 11A(4) of the Central Excise Act, 1944 read with Rule 15 of the CENVAT Credit Rules, 2004 and also proposing penalty under Section 11AC of the Central Excise Act, 1944 read with Rule 15 of CENVAT Credit Rules, 2004. 2.2 After the due process of adjudication, the Lower Adjudicating Authority has confirmed the demand of Rs.3,08,272/- and also imposed penalty of Rs.3,08,272/- under Section 11AC of the Central Excise....

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....Excise, Trichy. iii. Both the claims were admitted in full and the same was intimated to the Deputy Commissioner of GST & Central Excise, Trichy vide our letters dated 17.05.2018 and 23.07.2018 iv. The entire demand of Rs.3,08,272/- in Appeal No. E/41706/2015 for the year 2011-12 & 2012-13 was part of the above claim by the Central Excise Department and was admitted by the Liquidator, and, v. As per Liquidation Process regulations, Liquidator shall distribute the sale proceeds as per waterfall mechanism prescribed under Section 53 of the IBC. The Ld. Chartered Accountant Shri R. Raghavendran, the Liquidator has submitted that the appeal may please be disposed off as closed. 5. The Ld. Authorised Representative Shri M. Selvakumar for ....

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....ollows: - "2. The short but important questions, that arise for consideration in this batch of matters, are as under: (i) ...... (ii) ........ (iii) As to whether after approval of resolution plan by the Adjudicating Authority a creditor including the Central Government, State Government or any local authority is entitled to initiate any proceedings for recovery of any of the dues from the Corporate Debtor, which are not a part of the Resolution Plan approved by the adjudicating authority?" In Para 95 of the said order, the above question was answered as given below: - "95. In the result, we answer the questions framed by us as under: (i) That once a resolution plan is duly approved by the Adjudicating Authority under subsectio....