Payment of refund :
Where the claim has been admitted whether in part or in full, and claimant is eligible for refund, the Deputy/Assistant Commissioner of Central Excise should ensure that payment is made to the party within 3 days of the order passed after due audit, if any.
All claims shall be paid to the applicant by a cheque on the authorised bank with which the sanctioning authority maintains account.
In case of UOI v Slovak India Trading Co. 2008(10) STR 101 (Kar HC), the court held that refund of cenvat credit has to be made in cash when the company is closed or goes out of cenvat credit scheme. There is no prohibition under the cenvat credit provisions when there is no manufacture due to closure of the factory.