9911796707
TMI Blog2001 (8) TMI 1461X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant-company was charged with failure to take steps to realise the total export proceed amounting to DM 1,63,866.89 from the German buyer in respect of two consignments vide GR Form Nos. AL375281 dated 30-5-1996 and AL935203 dated 1-7-1996 and thereby contravened the provisions of section 18(2) read with section 18(3) and was asked to show- cause why action should not be taken for the said contravention of the provisions of the Act. In their reply, the company admitted the non- realisation of the amount but denied the charge that they have failed to take reasonable steps for its realisation and stated the steps which they had taken for the realisation of the outstanding export proceeds and, therefore, claimed that the non-receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... worthwhile was emerging from the said efforts, the appellant-company appointed the law firm of Graf Von Westphalen and Modest, Hamburg, Germany, to initiate legal action for recovery of the said amounts from the defaulting importer. There was no delay in taking the above diligent and reasonable steps for recovery of the said amount. vide order dated 6-8-1997, the competent court in Hamburg ordered for recovery of the entire amount with interest and costs of the suit with effect from 5-4-1997, from the above said importer. However, the said amount could not be recovered immediately due to the non-availability of details of the judgment debtor s assets. Subsequently, the said importer went into liquidation and an Official Liquidator was appo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-4-2000 in respect of GR Nos. AL 375281 and AL 935303. Shri Waziri submitted that subsequent to the issue of show-cause notice the company has realised two months of DM 30685.27 and DM 12130.60. He reiterated that the Court ordered a decree on 6-8-1997 in favour of the company but the decree could not be executed for the liquidation of the company. Shri Waziri submitted that the appellant has, however, realised a total sum of DM 53905.91. Shri Waziri further submitted that regarding balance of the amount the company was not having reasonable prospects of its realisation and, therefore, wrote a letter to the RBI, Kanpur on 16-8-2000 to write off the aforesaid two GR forms. 5. I have given my careful consideration to the submissions made by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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