1996 (3) TMI 225

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....that vide Stay Order Nos. 140 & 141/93-D, dated 17-8-1993 the appellants were directed to deposit Rs. 5 crores in Appeal No. E/5208/92-D and Rs. 13 crores in A. No. E/5233/92-D in cash and to furnish the Bank Guarantee for the balance amount of duty in both the appeals. Against that order of the Tribunal the appellants moved the writ petition being writ petition No. 834/94 before the Delhi High Court and the Court passed the first Order on 3-5-1994 and the Final Order on 26-8-1994 whereby the Court directed the appellants to deposit Rs. 18 crores in cash and furnish the Bank Guarantee in a sum of Rs. 17 crores and also an undertaking to safeguard payment of balance of Rs. 34 crores in both these appeals and time for compliance was extended ....

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....es Bank Guarantee in a sum of Rs. 17 crores and furnishes an undertaking as per our earlier order to safeguard payment of balance of Rs. 34 crores the appeals of GTC E. Ap. 5233/92 and E. Ap. 5208/92 will be entertained by the CEGAT. Time for compliance extended up to 31-10-1994 (2)  If there is default in compliance with clause (1) above, the said two appeals before the CEGAT shall stand dismissed." 3. In reply Shri N.R. Khaitan, Ld. counsel for the appellants submitted that the appellants complied with the stay order as modified by the Delhi High Court and Apex Court by making a cash deposit, and furnishing Bank Guarantees and undertakings. He also submitted that as per the terms of the Bank Guarantees the same were enforc....

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.... GTC to the Canara Bank wherein a request was made not to renew the Bank Guarantee until further instructions from their side. 6.  Considered. From the record we find that there is no dispute that the Bank Guarantees were furnished to the Registrar of the Delhi High Court and the same were accepted by him. It was submitted by the Ld. counsel, Shri N.R. Khaitan, that they have revalidated the said Bank Guarantees, though, not in time and have already submitted the same to the Registrar of the Delhi High Court for acceptance. From the said order of the Delhi High Court dated 26-8-1994 we find that there is an observation of the Court that "if there is default in compliance with clause (1) above, the said two appeals before the CEGAT s....