1988 (4) TMI 182

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....importing a permanent finishing and setting machine with a C.I.F. value of Rs.1,65,870. The import licence was given subject to the condition, which condition was incorporated in the bond executed by the petitioner on 22nd of February, 1973, that "the said importers (the petitioners) shall within three years from the date of arrival of the last consignment or such further time as may be granted by the said Joint Chief Controller, export woollen fabrics of the value equal to the C.I.F. value of the imported goods to foreign countries excluding Nepal, Tibet, Sikkim, Bhutan." The averments in the petition show that the petitioner was not in a position to export woollen fabrics within the time mentioned in the said bond. However, the petitioner....

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....naturally pointed out all the documents, including the documents which were apparently against the petitioner. 4. Mr. Shroff in the first place contended that it is enough if the petitioner is able to export the woollen fabrics as required under the terms of the bond either itself or through an agency. In the instant case the exports have been effected through an agency, namely Miltons Limited. That this has been done has been stated in so many words in the petition and the averments in this regard are supported by documents, copies of which have been annexed to the petition. On first thought I was unable to appreciate this argument because if the bond imposes an obligation upon the petitioner to export the fabrics, then it could not be ....