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TMI Blog2004 (3) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... [Order per : Jyoti Balasundaram, Member (J)]. By Order No. C-I/496-497/WZB/2003, dated 24-2-2003, the Tribunal set aside the demands raised against Adani Exports Ltd. as time barred, and also set aside the penalties imposed upon the company as well as its director. As a result of this order, the bank guarantee furnished by the appellants for Rs. 55 lakhs was required to be cancelled and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the above mentioned subject. The Bank Guarantee of Rs. 55 lakhs was executed by M/s. Adani Exports Ltd., Ahmedabad by way of Gujarat High Court s direction and was kept alive during the pendency of the appeal before the Hon ble CEGAT. Subsequently, the said Bank Guarantee was ordered to be kept alive by the Hon ble High Court of Bombay, Panaji Bench, Goa in reference application No. 2/2003 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of SLP against the order of the Bombay High Court is not by itself a ground for holding on to the guarantee furnished and in pursuance of the Tribunal s order, in the absence of any stay granted by the Hon ble Supreme Court, requires to be returned. We therefore direct the respondents herein to forthwith cancel and return the bank guarantee furnished by the appellants herein. 3. Report of comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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