2020 (11) TMI 691

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....TICE RAJARSHI BHARADWAJ Mr. S. K. Bagaria Mr. Vikram Wadehra Mr. Soumava Ghosh ... For the Petitioners. Mr. Vipul Kundalia Mr. Siddhartha Lahiri ... For the Union of India. Mr. K. K. Maiti Mr. Bhaskar Prasad Banerjee ... For the Respondent Nos. 1,2 and 3. Mr. Bagaria, learned Counsel appearing for the petitioners submits that the petitioner company completed construction of a multistor....

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....er the SARFAESI Act, 2002 and sold the property to a prospective buyer. In May, 2019, the customs authorities initiated a proceeding for recovery of custom dues against nor fulfilment of export obligation and ultimately directed the proforma respondent/bank on March, 18, 2020 to encash the bank guarantee for recovery of the customs duty. The petitioner filed an application on 9th August, 2020 befo....

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....ing for the Union of India submits that the petitioner was conscious of its failure to fulfill the export obligation at the time of alienating with the assets of the company in the year 2017, but has made the application before the EPCG committee only on 9th August, 2020, as the petitioner was aware that the committee has no power or jurisdiction to amend the trade policy. Mr. Maiti, learned Co....

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....9th August, 2020 within four weeks from today. The committee is also requested to pass a reasoned order after giving opportunity of hearing, not only to the petitioner but also to the customs authority, if required. As the petitioner has already alienated with the goods, imported without payment of customs duty, the customs authority may proceed to encash the bank guarantee for realising the cu....