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TMI Blog2012 (3) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... andhiok, ASG with Mr. Jatan Singh and Mr. P.S. Parmar, Advs. for UOI. ORDER 1. Against the order passed by the adjudicating authority constituted under Section 21 of the Special Economic Zones Act, 2005 read with Foreign Trade (Development and Regulation) Act, 1992 imposing duty / penalty, the petitioner herein filed an appeal before the Appellate Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial Security / First Charge on its assets to the satisfaction of the Development Commissioner (VSEZ) for the equivalent value of goods being allowed for re-export. 2. It is this condition which is challenged by the petitioner by filing the present petition. Though the arguments have been heard by the Appellate Authority but the decision is yet to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r stated that the liability of the petitioner company qua the bank as of today is of `37/- crores and the security bond given to SEZ Authority is for approximately `37/- crores. On this basis, it is contended, that bond of the same nature as given to the SEZ Authorities be permitted to be furnished by way of security and it will be an adequate security, though not in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... security deposit. 5. The petitioner may approach the Development Commissioner (VSEZ) today itself for this purpose and the Development Commissioner (VSEZ) shall take a decision immediately. 6. As far as the other prayers in the petition are concerned, the same are not pressed at this stage since these issues are still to be adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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