2016 (12) TMI 1207

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....tion for permission to take "MV Seamec III" out of the country for undertaking a project. 2. Learned Counsel for the appellant submits that the heavy expenditure incurred for regular maintenance of the vessel in idle condition was thus attempted to be offset by contracting for this project in Dubai for a minimum period of 45 days with option for extension once the present deployment in India terminates in the second week of May 2016. It was submitted that, on earlier occasions, the Tribunal had permitted such deployment of the vessel on terms and conditions imposed thereon. It is also submitted that the vessel requires dry docking as per statutory regulations which is intended to be completed during the proposed duration of deployment abro....

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....tside the country. Thereafter, in Writ Petition No. 1070 of 2013, the Hon'ble High Court vide its order dated 25th November 2013 allowed extension of time till 30th December 2013. On a further application moved by the appellant, this Tribunal, by order no. M/887-888/14/CSTB/C-I dated 30th May 2014, allowed the vessel to be taken out again, this time, for commercial undertaking subject to execution of bank guarantee of Rs. 3,00,00,000/-. 6. It would appear that, in the past, the vessel had been taken out for dry dock and repairs which were considered essential to avoid degeneration of the asset. Accordingly, bank guarantee, adduced as security, was restricted to Rs. 60,00,000/-. However, when it was taken out for commercial purpose, bank gu....