https://www.taxtmi.com/caselaws?id=82191 The Import Policy's Clause 80 permitted an ad hoc extension of REP licence validity where importers faced genuine difficulty and shipment could not be completed in time. The Bombay High Court noted that the delay arose because the bank that issued the letter of credit was unable to honour it due to a moratorium, not because of any fault by the licence-holder. On that basis, the authorities had power to revalidate the licences, and refusal on the mistaken view that no such power existed was unjustified. en-us Thu, 03 Dec 1992 00:00:00 +0530 Sat, 02 Jul 2011 15:50:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=82191 The Import Policy's Clause 80 permitted an ad hoc extension of REP licence validity where importers faced genuine difficulty and shipment could not be completed in time. The Bombay High Court noted that the delay arose because the bank that issued the letter of credit was unable to honour it due to a moratorium, not because of any fault by the licence-holder. On that basis, the authorities had power to revalidate the licences, and refusal on the mistaken view that no such power existed was unjustified. Case-Laws Customs Thu, 03 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=82191