M/S. JAYASWAL NECO LTD. vs COMMNR. OF CENTRAL EXCISE, RAIPUR

The Supreme Court addressed the issue of interest on delayed payment of excise duty under the Central Excise Rules, 1944, specifically Rule 173G(e). The Court held that the appellant could not utilize the Cenvat credit during the suspension of the fortnightly payment facility, thus affirming the demand for interest at 24% per annum for the period from 19.12.2000 to 20.05.2002. The Court upheld the orders of the Commissioner and CESTAT, confirming that the payment made through Cenvat account was not valid during the specified period.