2012 (3) TMI 453

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.... For the Respondent : Mr. A.S. Chandhiok, ASG with Mr. Jatan Singh and Mr. P.S. Parmar, Advs. for UOI.  ORDER  1. Against the order passed by the adjudicating authority constituted  under Section 21 of the Special Economic Zones Act, 2005 read with  Foreign Trade (Development and Regulation) Act, 1992 imposing duty /  penalty, the petitioner herein filed an appeal b....

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....ner was permitted to furnish  Financial Security / First Charge on its assets to the satisfaction of  the Development Commissioner (VSEZ) for the equivalent value of goods  being allowed for re-export.     2. It is this condition which is challenged by the petitioner by  filing the present petition. Though the arguments have been heard by the  Appellate A....

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.... State Bank of  India. It is further stated that the liability of the petitioner company  qua the bank as of today is of `37/- crores and the security bond given  to SEZ Authority is for approximately `37/- crores. On this basis, it is  contended, that bond of the same nature as given to the SEZ Authorities  be permitted to be furnished by way of security and it will be an....