HDFC BANK LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) Rule. Heard forthwith.

(2.) Petitioner in this petition impugns the following circular :

(3.) It is the case of the petitioner that sometime in or about 1996, petitioner no. 1, on behalf of one of its customer, Core Health Care Ltd. furnished two bank guarantees in favour of the Commissioner of Customs. The Customs Authorities invoked the said bank guarantees. The first petitioner immediately complied with the said invocation by the Customs authorities and handed over the entire amounts under both the aforesaid bank guarantees amounting to Rs. 987.24 lakhs to the Customs Authorities. Licence period of Core Health Care Ltd. had not expired when it applied to the Commissioner of Customs (Export) for extension of time for fulfilling of its export obligations. D.G.F.T., respondent no. 3 herein extended the time by 12 years with retrospective effect and on Core Health Care Ltd. fulfilling the entire export obligations. Thus, the DGFT extended time and issued the export obligations discharge certificate (E.O.D.C.), certifying that the entire export obligations of which the said bank guarantees were issued, had been fulfilled in its entirety.