9911796707
TMI Blog1992 (12) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... The respondent No. 1 is a Company and is exporter of stainless steel castings. On March 19, 1984, the respondents were issued two REP licences of the value of Rs. 1,54,400/- and Rs. 1,65,600/-respectively. The licences were valid for a period of 12 months from the date of issue and the policy then prevalent permitted an additional grace period of two months. The respondent No. 1, in pursuance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the claim of the appellants that there is no power to revalidate REP Licences is entirely incorrect. The learned Judge also held that the Clauses in the Hand Book of Import and Export Policy for April 1985 - March 1988 confers wide powers upon the appellants to revalidate the licences. In view of this conclusion, the learned Judge granted the petition and directed the appellants to revalidate th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Single Judge was, therefore, justified in holding that in case of genuine difficulties, it is open for the appellants to extend the period of validity. On the facts of the present case, the extension was sought for because the Bank which had opened letter of credit could not honour the same due to moratorium. The extension was sought not because of any fault of respondent No. 1. In these circums ..... X X X X Extracts X X X X X X X X Extracts X X X X
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