NEYCER INDIA LIMITED, REP BY ITS GENERAL MANAGER, J SREENIVAS Vs. ASSISTANT COMMISSIONER OF CUSTOMS (EPCG), OFFICE OF COMMISSIONER OF CUSTOMS (EXPORT), CUSTOM HOUSE

JUDGEMENT

(1.) Heard M/s.Cynduja Krishnan, learned counsel for the petitioner, Mr.B.Rabu Manohar, learned counsel for the first respondent and Mr.S.Sathya Narayanan, learned counsel for the second respondent.

(2.) The petitioner has filed this writ petition challenging an order passed by the first respondent dated 08.02.2008, addressed to the second respondent/Bank, requesting them to honour the bank guarantee furnished by the petitioner as a part of the condition stipulated under the EPCG scheme. The bank guarantee was sought to be enforced by the impugned order on account of the fact that the petitioner did not complete the export obligation and did not produce the discharge certificate. This writ petition was filed on account of the fact that the petitioner has been declared as SICK industrial undertaking and the matter is pending before the BIFR. The Court having considered the said issue, granted an order of interim stay and the writ petition is pending.

(3.) Initially there was a scheme framed by the BIFR. Subsequently, there is a revised scheme, which is framed by the BIFR dated 01.10.2008. Learned counsel for the petitioner has drawn the attention of this Court to paragraph 10(1)(1)(d) of the modified rehabilitation scheme, which reads as follows: