1999 (6) TMI 38

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arama Reddy, J.]. - The order dated 6-11-1998 and 10-2-1999 of the CEGAT, South Zonal Bench at Chennai are being assailed in this writ petition. Pending the appeal, the Tribunal directed the deposit of a sum of Rs. 25,00,000/- towards the disputed duty within three months and the pre-condition of deposit of tax and penalty has been waived subject to the fulfilment of the said condition. The petiti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... that B.F.I.R. has treated the petitioner-company as a sick industrial company. If the position of the outstandings of the petitioner and the net assets as reflected in the balance sheet is taken into account, the financial predicament of the petitioner becomes amoly clear. The fact that the assessee is a sick industry is one of the considerations taken into account by the Supreme Court in Sangero....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the Tribunal itself recognised the prima facie case in favour of the petitioner; otherwise, the interim relief would not have been granted to that extent. Of course, the mere existence of prima facie case by itself does not entitle the petitioner to get unconditional stay. Having due regard to all the relevant factors and the hardship that may be caused to the petitioner by denying the remedy of....