2006 (9) TMI 194

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....s for the respondents. 2. Petitioner seeks to challenge the order passed by the Settlement Commission to the extent it requires the petitioner to pay interest at the rate of 15% under its order dated 2nd May, 2006. This is a case where the petitioner had not honoured the export obligation and thereafter, approached the Settlement Commission with respect to the amount of customs duty. The duty w....

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....de, learned Counsel for the petitioner has drawn our attention to an order dated 24th July, 2006 passed by the Settlement Commission at Chennai in the case of M/s. Ceres India Ltd. The Commission has referred to a subsequent circular dated 30th March, 2005, issued by the Joint Director General of Foreign Trade. The relevant paragraph from the said Circular quoted in the order reads as follows :- ....

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....o refer to the Commerce Ministry Circular dated 22nd May, 2003 in another matter which came before us yesterday i.e. Writ Petition No. 6238 of 2006 with Writ Petition No. 6242 of 2006 on the Appellate side in the case of Rexford Electronics & Controls Ltd. v. The Union of India & Ors. We noted that the apart from the Commerce Ministry circular, as far as the bond given by the party is concerned, t....

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....guarantee earlier and the same could have been encashed. He has drawn our attention to a letter dated 28th August, 2004 written by the petitioner to the Deputy D.G.F.T. and has drawn our attention to Paragraphs 23 and 27 thereof. Paragraph 23 states that the department did not encash the bank guarantee which was given, whereunder amount of Rs. 7,87,000/- had been secured. Now, what is material to ....