Judgment:
1. By the present application, the applicants have sought modification of the Stay Order No. 27/96-C, dated 25-4-1996.
2. Shri A.P. Mathur, the learned Advocate appearing for the applicants submits that there have been fresh development accentuating the cash crunch on the applicants. He submits that in pursuance of the order of the Apex Court, they had to pay a huge amount as arrears of electricity bill because of revision of the rates retrospectively. The ld. Counsel submitted that Reserve Bank of India recently issued directions by which the liquidity of the applicants and the availability of the amount from sundry debtors has suffered. The ld. Counsel also submitted that the applicants are manufacturer of BHC Insecticide and the Government stopped further manufacture of this product and have given directions to the applicants to dispose of stock of this product by March, 1997. The ld. Counsel, therefore, prayed that in view of these happenings together they did not have liquidity enough to deposit the amount within the time specified in the order. He, therefore, prayed that in case the order cannot be modified reducing the amount of payment or doing away completely with pre-deposit, they may be in the alternate, given further time to deposit the amount.
3. Opposing the request for modification of the Stay Order, Shri A.K.Madan, the learned SDR submits that the earlier order was issued sometime in May. At that time, in their stay application, a point was taken that they did not have sufficient resources to pay the amount.
However, he submits that, they did not press this point showing thereby that they had resources to make the payment. He submits most of these eventualities happened on or before the date [of] issue of the earlier order. He, therefore, submits that the applicants have no case for postponing of the payment of the amount.
4. Heard the submissions of both sides. We find that the applicants have no doubt not pressed financial hardship before the Tribunal though the issue was taken in their stay application. However, we find that there have been developments on account of the payment of large amount due to the State Electricity Board; that credit squeeze on account of directions of the RBI and also on account of the Government banning the manufacture of BHC insecticide. In this view of the matter, we find that it will create financial hardship to the applicants if they are directed to deposit the amount within the period already specified.
Having held so, we direct the applicants to deposit amount of Rs. 5.50 lacs within four weeks from today. On deposit of this amount, the balance amount shall be deposited by the applicants within another six weeks from the date of deposit of Rs. 5.50 lacs.
5. Failure to comply with this order will lead to dismissal of the appeal for non-compliance of Section 35F of the CESA, 1944. Compliance should be reported on 12th September 1996. A copy of this order may be given Dasti.