https://www.taxtmi.com/caselaws?id=219904 Delhi HC held that MMTC retained first charge over 45 kg gold loaned to NRI who breached export conditions by pledging gold with Indian Bank. Court ruled Customs Department cannot appropriate confiscated gold after recovering full duty, penalty and interest of Rs. 2.27 crores, as import was legal under government scheme. Indian Bank's claim rejected for lack of good faith and due diligence in not verifying title documents or notifying MMTC before granting credit facilities. DRAT order set aside, DRT order restored favoring MMTC's priority claim. en-us Tue, 18 Dec 2012 00:00:00 +0530 Fri, 09 May 2025 16:52:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219904 Delhi HC held that MMTC retained first charge over 45 kg gold loaned to NRI who breached export conditions by pledging gold with Indian Bank. Court ruled Customs Department cannot appropriate confiscated gold after recovering full duty, penalty and interest of Rs. 2.27 crores, as import was legal under government scheme. Indian Bank's claim rejected for lack of good faith and due diligence in not verifying title documents or notifying MMTC before granting credit facilities. DRAT order set aside, DRT order restored favoring MMTC's priority claim. Case-Laws Customs Tue, 18 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219904