Case Law Details
Ruchi Soya Industries Limited Vs Principal Commissioner of GST & Central Excise (CESTAT Chennai)
Ld. Counsel Shri Vishal Sundar submitted that Corporate Insolvency Resolution Process (CIRP) was initiated in respect of the appellant under the provisions of the Insolvency and Bankruptcy Code, 2016 by order of the National Company Law Tribunal, Mumbai (NCLT) dt. 08.12.2017 read with order dated 15.12.2017. The CIRP was completed on 06.09.2019 whereby the NCLT vide its order dt. 24.07.2019 read with order dt. 04.09.2019 has approved the Resolution Plan submitted by the Consortium of Patanjali Ayurved Limited, Divya Yog Mandir Trust (through its business undertaking, Divya Pharmacy), Patanjali Parivahan Pvt. Ltd. and Patanjali Gram Udhyog Nyas. Committee. It is submitted by the Ld. Counsel that in view of the order passed by the NCLT, the Resolution Plan may be taken into consideration and the appeal may be disposed accordingly.
CESTAT held that In view of the order passed by the NCLT, the appeal filed by the appellant viz. Ruchi Soya Industries Limited is disposed of accordingly.
FULL TEXT OF THE CESTAT CHENNAI ORDER
1. The above appeal has been filed against the order passed by original authority who disallowed the availment of cenvat credit of service tax to the tune of Rs.88,84,632/- for the period February 2011 and March 2011 and ordered for recovery of the same along with interest and imposed equal penalty Under the provisions of Cenvat Credit Rules, 2004 read with Section 11AC of Central Excise Act, 1944.
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