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2021 (9) TMI 151 - DELHI HIGH COURTConstitutional validity of Rules 53 and 80 of the Special Economic Zone Rules, 2006 - rule was inserted by way of Clauses 28 and 33 of the Special Economic Zone (Amendment) Rules, 2018 dated 21.09.2018 - requirement of furnishing a Bank Guarantee of an amount equivalent to the penalty - HELD THAT:- It is undisputed that Petitioner has furnished the Bank Guarantee equivalent to the amount of the penalty i.e. for ₹ 10,07,42,260/- and the same is valid upto 07.09.2021. In terms of the Rule Position, there is a requirement of furnishing a Bank Guarantee of an amount equivalent to the penalty sought to be imposed - Learned 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.
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