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2016 (12) TMI 1207 - AT - CustomsRelease of confiscated vessel - MV Seamec II - MV Seamec III - permission to take “MV Seamec III” out of the country for undertaking a project to offset heavy expenditure incurred to maintain the vessel in idle condition - release of vessel on same terms as offered earlier - Held that: - 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 - the plea of the appellant for release on terms similar to that on 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.
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