Petitioner Faces Bank Guarantee Invocation for Unmet Export Obligations Under Advance License Scheme; Interest Waiver Denied Per Clauses 4.28.

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....Advance License scheme - Invocation of Bank Guarantee - failure to achieve export obligation - waiver of statutory interest - A combined reading of clauses 4.28 (i), (ii) & (iii) leads to the conclusion that the petitioner will have to pay interest also if it intends to regularise its default in terms of clause 4.28. From the facts as pleaded in the writ petition, it appears that the petitioner never applied for regularisation in terms of clause 4.28 of the Handbook of Procedures. - HC....