2010 (6) TMI 198

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....ndent. [Order]. - P.C. : Perused petition. Heard learned counsel for the petitioner and learned senior counsel for the respondents. 2. The petitioner has filed this petition under Article 226 of the Constitution of India seeking mandamus in the nature of direction against respondent No.2 to release original bank guarantee worth Rs.89 crore furnished by the petitioner by way of security pursuant....

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....ed on 17th June, 2008 pursuant to the order passed by respondent No.2. In view of the adjudication order, the penalty is fixed against the petitioner Company and its director in the sum of Rs.55,00,000, which the petitioner has now paid. As such, petitioner is not under any other liability. It is, no doubt, true that against the adjudication order dated 21st April, 2008, appeal is filed by the Rev....

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....ayers made in this petition contending that appeal filed by the department with application for stay is pending before the Tribunal as  such no orders directing return of the bank guarantee should be passed. 7. Having heard rival views, we do not see any reason in favour of the Revenue permitting them to withhold bank guarantee for want of any financial liability against the petitioner as o....