AI Drafter 
TaxTMI 
TaxTMI 
2016 (5) TMI 776
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....ce with the Import and Export Policy 2002-2007 and the subsequent policies in view of such extension being approved by the Board for Industrial and Financial Reconstruction (BIFR) in a scheme sanctioned by the BIFR in respect of the petitioner. Learned Senior Advocate for the petitioners has submitted that, the first petitioner was referred to the BIFR. In a reference being BIFR Case no. 336 of 2001, the BIFR had by an Order dated January 19, 2009 sanctioned a scheme for rehabilitation of the first petitioner. Such sanctioned scheme postulates that, the first petitioner would have ten years time to fulfil the export obligations under the concerned licence commencing from the cut-off date being March 31, 2008. In such circumstances, he ha....
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.... Case No. 336 of 2001 was made in respect of the first petitioner. In such proceedings, the BIFR by the Order dated January 19, 2009 had sanctioned a scheme for rehabilitation of the first petitioner. The sanctioned scheme provides that, the first petitioner would have ten years from the cut-off date being March 31, 2008 to fulfill its export obligations. Learned Senior Advocate for the petitioner has submitted that, the Export Promotion Capital Goods Licence subsisting was the EPCG Licence dated January 2, 1996. That being the situation, the BIFR had extended the export obligations of the first petitioner for a period of ten years from March 31, 2008. The scheme sanctioned by the BIFR is under implementation. The scheme is, therefore, b....
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.... of the additional duty leviable thereon under Section 3 of the said Customs Tariff Act, subject to the following conditions, namely :- ....................................................................................................... (3) The importer executes a bond in such form and for such sum and with such surety or security as my be specified by the Assistant Commissioner of Customs or Deputy Commissioner of Customs binding himself to fulfil export obligation equivalent to four times the CIF value of the goods imported, or for such higher sum as may be fixed by the Licensing Authority, within a period of five years from the date of issue of the said licence in the following proportions :- S. No. Period from....
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....ufficient. However, subsequent developments have compelled me to revisit my view expressed in the Court and take a contrary view. I have come across more than one writ petition in which the petitioner has obtained interim orders from the High Court on the plea that, in the event goods are allowed to be released and dealt with on furnishing a bank guarantee, such bank guarantee would be sufficient security in the event of the writ petition ultimately not succeeding. Such writ petitioner had furnished the bank guarantee, taken delivery of the goods from the authorities and subsequently failed to renew the bank guarantee. In one matter, in spite of directions for the petitioners to be present in Court and in spite of police being directed to p....
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....ship is not available to the petitioner in such circumstances. Moreover, the present bank guarantee is valid upto March 31, 2019. In the event of the authorities not making any demand within such period of time, the petitioner will be entitled to take the plea that the bank guarantee is no longer valid. In such eventuality, the State Exchequer ultimately suffers. Conversely, if money is allowed to be deposited with the authorities, the same will enure to the benefit of all the parties. The petitioner will receive refund of the money deposited in the event it is found to be refundable. However, in the event the petitioner is found to be a debtor to the authorities then the money lying with the authorities, can be adjusted against such claim ....