RAMAN AGGARWAL Vs. UOI

JUDGEMENT

(1.) IN this writ petition the Petitioner seeks an order quashing a notification, No, 1602 dated 4th May 2001 issued by the second Respondent including the Petitioner's name in the Specific Approval List maintained by it.

(2.) THE facts relevant for the present case are as follows. The first, second and third Petitioners are partners of the fourth Petitioner, a partnership firm duly registered under the Indian Partnership Act (hereafter the firm ). The second Respondent is a company, duly registered and wholly owned by the Government of India. It is the sole insurer of export business in India and no bank offer credit to exporters without obtaining insurance policy from it. The third Respondent is involved in the banking business and is one among the many banks who provide a range of export insurance services in collaboration with the second Respondent.

(3.) IT is submitted that one of the policies issued by the second respondent is the Whole Turnover Packing Credit Guarantee (WTPCG), which provide cover to the Banks in respect of Packing Credit Advance. According to the averments, under the scheme, the credit lending Bank obtains the cover for Packing Credit Advance granted to all its customers on an All India basis, and for the purpose, the second Respondent issues wtpcg; the Bank is only required to notify the limits sanctioned by it to all its customers from time to time. The bank does not have to seek approval of the second respondent for the limits, if they do not exceed the agreed value. In accordance with this scheme the third Respondent obtained cover for all its export finance and the premium was being charged on the customers.