IFB INDUSTRIES LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) In this writ petition the petitioner has challenged an order dated 13.10.2015 passed by the Policy Relaxation Committee, hereinafter referred to as 'PRC', constituted under the Foreign Trade Policy, rejecting the petitioner's application for procedural relaxation and concessions to enable the petitioner to get credit for exports already made by the petitioner against export obligations incurred by the petitioner on certain Advance Licenses issued to the petitioner.

(2.) The petitioner is engaged in the manufacture of home appliances and automotive parts and components for which raw material and inputs are required to be imported.

(3.) The petitioner was accordingly issued 40 Advance Licenses to which exports obligations were attached. In terms of the Advance Licenses, the export obligations attached thereto had to be fulfilled in value as well as quantity.