9911796707
TMI Blog1997 (10) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... e Import Export Policy 1992-97 to the extent of U.S. $ 159,375.00 only. The item imported by the petitioner's concerns duly figures in the licence i.e. Titanium Dioxide, Rutile Grade. The licence also permitted import of other items. The DGFT authorities have also issued a clarification that the item imported by the petitioner's concerns is an essential raw material for the paint industry especially for synthetic white colour paints and is used for importing opacity and exterior durability to the paint. It was, therefore, categorically held by the DGFT that Titanium Dioxide, Rutile Grade cannot be treated as a pigment and is hence not covered under the list of sensitive items of the Handbook of Procedures Vol. 2, 1992-97. (b) Despite havi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted by the petitioner's concerns for which bank guarantee amounting to Rs. 9,81,488/- have been executed and are lying with the 4th respondent and only thereafter the goods were allowed to be cleared by the 4th respondent. (e) The 3rd and 4th respondents thereafter preferred an Appeal before the CEGAT i.e. the 2nd respondent and also preferred a stay application which stay application was dismissed by a speaking order dated 11th April, 1996. Despite specific liberty having been granted to the Department to move for earlier hearing of the Appeal, no such application has been filed. On the contrary, to perpetuate the illegality, the bank guarantees despite several requests were not discharged. (f) An application, therefore, invoking inhe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Tribunal and in the event the respondents succeed finally in the appeal, it would be difficult for the respondents to recover huge amount of duty from the petitioner which is estimated at Rs. 40 lacs from the petitioner if the bank guarantee furnished by the petitioner is not renewed. It is, therefore, prayed that this Court should not interfere at this stage. It is also pointed out if the bank guarantee furnished by the petitioner is kept valid and subsisting till the appeal is decided, it would not prejudice the petitioner in any way. 6. As against this, the learned Counsel for the petitioner submitted that for keeping the bank guarantee valid and subsisting, the petitioner is required to deposit 100% amount with the bank and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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