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TMI Blog2012 (5) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the Importer Exporter Code valid for the said limited purpose and subject of course to compliance of all rules, regulations & laws – in favour of assessee. - CM No.5366/2012 (for directions) in W.P.(C) 2016/2012 - - - Dated:- 2-5-2012 - MR. JUSTICE RAJIV SAHAI ENDLAW, J. For Appellant: Mr. Amit Sibal, Mr. Prashant Kumar Mr. Amit Singh, Advs. For Respondents : Mr. A.S. Chandhiok, ASG with Mr. Jatan Singh, Mr. P.S. Parmar, Advs. for UOI. JUDGMENT RAJIV SAHAI ENDLAW, J. 1. The Adjudicating Authority constituted under Section 21 of the Special Economic Zones, Act, 2005 r/w Foreign Trade (Development Regulation) Act, 1992 has vide order dated 21st December, 2011 imposed penalty of ₹ 66.30 crores on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny earlier filed W.P.(C) No. 1788/2012 impugning the imposition of the said conditions. The said writ petition was disposed of vide order dated 29th March, 2010 whereby the petitioner Company was permitted to submit alternative security then what had been demanded by the Appellate Authority. 5. However dispute arose about the acceptance of the said alternative security also and which led to the filing of the present petition which was disposed of vide detailed order dated 12th April, 2012. The interest of the respondents were sought to be protected by directing the petitioner Company inter alia to furnish a bond giving security of all the assets of the petitioner Company. The respondents were directed to furnish the draft of the bond to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bond aforesaid by the petitioner Company in favour of the respondents, in terms of our order dated 12th April, 2012. The counsel for the petitioner Company contends that it is inconceivable that any banker would give such an NOC. Per contra, the learned ASG has contended that without such NOC from the SBI, the SBI which presently is holding the title deeds of the assets of the petitioner Company and its Director, would on satisfaction of its dues release the said title documents/charge; it is also contended that though the dues presently of the SBI are stated to be much less than the value of the assets but nothing prevents the petitioner Company from availing further financial limits from SBI on the strength of the charge already crea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts shall be entitled to recover the same as permitted in law and including by asserting priority (if entitled to) over the dues of the SBI; b. by injuncting the petitioner Company from, till the matter aforesaid of penalty is at large, availing any further facilities/financial accommodation from the SBI on the strength of the security already furnished to the said bank and by further restraining the petitioner Company from withdrawing the said security from the said bank even if the dues of the bank are discharged; c. by restraining the petitioner Company and its Directors mentioned in the order dated 12th April, 2012 from, till the issue of penalty is at large, doing any other act prejudicially affecting the securities aforesaid and/or af ..... X X X X Extracts X X X X X X X X Extracts X X X X
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