L.N. Reddy, J.

1. Petitioner is in the field of steel re-rolling and is under obligation to pay excise duty on the product manufactured by it. On 25.03.1998, respondent No. 1 issued a show cause notice to the petitioner stating that 3766.665 metric tonnes of mild steel was found to have been procured from third parties and excise duty of Rs. 56,40,471/- is payable thereon. The names of the agencies from which the steel is said to have been procured, were also indicated. The petitioner decided to avail the relief before the Settlement Commission (for short 'the Commission') constituted under Section 32 of the Central Excise Act, 1944 (for short 'the Act'). Accordingly, an application in the prescribed form was filed on 19.12.2000. The petitioner admitted its liability to the extent of Rs. 23,04,650/- and paid the amount and claimed immunity as regards the balance.

2. On its part, the Commission called for a report from the Commissioner (Investigation) and the report was received on 27.06.2001. Taking the same into account, the Commission passed an order, dated 23.10.2001, refusing to grant any relief and requiring the petitioner to avail the remedies under the Act. Hence, this wr