9911796707
TMI Blog2016 (12) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... the earlier occasion may not be appropriate. The appellant to execute bank guarantee of ₹ 3,00,00,000/- in addition to existing bank guarantee of ₹ 8.12 corers for MV Seamec - II to approximate the redemption fine of ₹ 12,00,00,000/-, the interest of justice will be advanced by allowing the MV Seamec - III to be taken out for commercial purpose and dry docking for a period of six months upon execution of bank guarantee of ₹ 7,00,00,000/- in favour of Commissioner of Customs, Mumbai and bond for value of the vessel - appeal allowed - decided partly in favor of appellant. - Appeal No.C/87536/2013 - Order No.M/87528/16/CB - Dated:- 9-5-2016 - Shri Ramesh Nair, Member (Judicial) And Shri C J Mathew, Member (Techni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wards duty liability pending adjudication proceedings. 4. Learned Authorised Representative submitted that the vessel had been ordered to be confiscated under section 111 of the Customs Act, 1962 and that the stay application filed by the appellant had been disposed off without granting of stay of confiscation/redemption fine. Release of the vessel to the appellant would, therefore, amount to staying the option of redemption fine in the impugned order. 5. We have considered the various submissions and note that the vessel was confiscated in 2013 and that the appellant has not, since then, exercised the option to take possession of the vessel by payment of redemption fine. We also notice that stay has not been granted by the Tribunal o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 20 th August 2015, allowed such deployment outside for a period of six months subject to execution of bank guarantee of ₹ 3,00,00,000/-, which, when juxtaposed with an existing bank guarantee of ₹ 8,20,00,000/- and payment of entire duty liability, was near the redemption fine of ₹ 12,00,00,000/- fixed in the adjudication order. 7. We do not wish to deprive the appellant of an opportunity to deploy an asset for performance but safeguard of public revenue is our paramount concern. Undoubtedly, the retention of the vessel in idle condition does not serve anybody s interest and may well accelerate its deterioration. We also observe that Revenue has not considered it necessary or expedient to take possession of the vesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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