9911796707
TMI Blog2021 (9) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... ned Senior counsel for the Petitioner, on instructions, undertakes that the validity of the Bank Guarantee shall be extended for a further period of two years from 07.09.2021. An affidavit of undertaking to this effect shall be filed by the Petitioner within a period of 15 days from today enclosing therewith a photocopy of the extended Bank Guarantee valid upto 06.09.2023. Subject to the Petitioner extending the Bank Guarantee as aforesaid and filing an affidavit of undertaking, within the time granted by this Court, Respondents shall process the application of the Petitioner seeking exit from SEZ under Rule 74 of SEZ Rules - Petition disposed off. - W.P.(C) 7531/2020 & CM APPL. 25076/2020 - - - Dated:- 23-8-2021 - HON'BLE THE CH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hallenged in the present petition along with the impugned letter dated 26.06.2020. 6. Learned Senior counsel submits that in the interregnum, the Petitioner has applied for exit from the SEZ and has requested the Respondents to De-link the present dispute pertaining to imposition of the penalty from the exit process and issue a formal exit approval to the Petitioner. In keeping with the Rule position, Petitioner has already furnished a Bank Guarantee for an amount of ₹ 10,07,42,260/- on 04.09.2020, to secure the interest of the Respondents. However, vide letter dated 27.11.2020, Respondent No. 3 has informed the Petitioner that in terms of Rule 74 (2)(i) of SEZ Rules, the Bank Guarantee furnished by the Petitioner would be accepted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2021. An affidavit of undertaking to this effect shall be filed by the Petitioner within a period of 15 days from today enclosing therewith a photocopy of the extended Bank Guarantee valid upto 06.09.2023. 10. Subject to the Petitioner extending the Bank Guarantee as aforesaid and filing an affidavit of undertaking, within the time granted by this Court, Respondents shall process the application of the Petitioner seeking exit from SEZ under Rule 74 of SEZ Rules. It is made clear that for the purposes of this application, the penalty imposed on the Petitioner vide order-in-original dated 22.07.2020 shall not come in the way of the consideration of the application by the Respondents. Needless to state, the decision shall be taken by the R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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