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of <h1>Bank guarantee revalidation for imported goods, clearance granted, adjudication completion within 6 months</h1> <h3>PHAKT OVERSEAS Versus UNION OF INDIA</h3> PHAKT OVERSEAS Versus UNION OF INDIA - 2007 (207) E.L.T. 223 (Bom.) Issues:1. Revalidation of bank guarantee for clearance of imported goods.2. Direction to allow clearance of goods and issue detention certificate.3. Completion of adjudication under Section 17 of the Customs Act, 1962.4. Maintenance of bank guarantee until adjudication proceedings are concluded.Analysis:1. The judgment addressed the revalidation of a bank guarantee (No. BG/0/148 dated 25th April, 2006) for the clearance of imported goods. The bank guarantee, initially valid until 15th April, 2007, was revalidated by the petitioners. The Court took note of a xerox copy of the revalidated bank guarantee submitted by the petitioners' advocate for identification purposes.2. The petitioners sought a direction for respondents 2 to 5 to allow them to clear their imported goods, as per Bill of Entry No. 1419/62 dated 3rd June, 1996, and issue a detention certificate for the entire detention period. An interim order had previously directed clearance upon furnishing a bank guarantee for 100% of the differential duty, which facilitated the clearance of goods.3. The judgment emphasized the completion of adjudication under Section 17 of the Customs Act, 1962. The Court urged the Assessing Officer to expedite the adjudication process, considering that the goods had already been cleared by the petitioners. The order stipulated that the adjudication proceedings must be concluded within six months from the date of the judgment.4. In ensuring the maintenance of financial security during the adjudication process, the judgment mandated that the bank guarantee provided by the petitioners would remain active until the adjudication proceedings were finalized and for an additional one month thereafter. The judgment did not impose any costs in this matter.In conclusion, the judgment addressed the revalidation of a bank guarantee, directed the clearance of imported goods, emphasized the completion of adjudication proceedings under the Customs Act, and ensured the maintenance of the bank guarantee until the adjudication process was completed.
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