2025 (5) TMI 673

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....eet Singh Makker, AOR, Mr. H R Rao, Adv., Mr. Udai Khanna, Adv., Mr. Navanjay Mahapatra, Adv., Mr. Raman Yadav, Adv., Mr. Siddharth Sinha, Adv. For the Respondent(s) : Ms. Diya Kapur, Sr. Adv., Mr. Himanshu Munshi, AOR, Mr. Anitesh Choudhary, Adv., Mr. Siddhant Munshi, Adv., Mr. Sunny Choudhary, AOR, Mr. Akhil Sachar, Adv.,Ms. Niharika Ahluwalia, AOR. ORDER PER 1. These appeals are at the in....

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....e imported gold would be converted to jewellery and exported. 4. MMTC provided 45 Kgs Gold to one Mr. Surjit Singh Kanda. Mr. Kanda exported jewellery by consuming 26 Kgs of the total gold provided by MMTC. As regards the remaining 19 Kgs, no jewellery was exported. To the contrary, Mr. Kanda in breach of the conditions imposed by MMTC pledged the gold with Indian Bank and availed credit faciliti....

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.... 75,90,977 vide order dated 22.02.2005. In the same order, the DRT concluded that MMTC has first charge over the 19 kgs of gold. 7. MMTC, Indian Bank and the Customs Department filed their respective appeals before the DRAT. The DRAT vide order dated 04.02.2011, in so far as the gold is concerned, reversed the finding of the DRT and held that the first charge over the gold lies with the Indian Ba....

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.... few subsequent developments, we intend to dispose of both the appeals by a short order. 11. It is not in dispute that the Customs Duty along with penalty and interest to the tune of INR 2,27,85,293 came to be deposited by MMTC with the Department on 19.08.2005. In such circumstances, the confiscated gold must be restored to MMTC. 12. The claim of the banks on the principle of first charge over ....