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2015 (9) TMI 28 - HC - CustomsExecution of Bank Guarantee – Release of goods – Petitioner challenges calculation which relates to execution of bank guarantee for provisional release of goods – Petitioner was willing to furnish bank guarantee equivalent to 30% of differential value of duty calculated by respondent – Held that:- Supreme Court in Commissioner v. Navshakti Industries Ltd. [2011 (5) TMI 149 - SUPREME COURT] directed provisional release of subject goods based on condition that security in form of bank guarantee equivalent to 30% of differential duty be furnished –In present case, vide impugned order value of bank guarantee stipulated was 1.75 times differential rate of duty – Said condition was clearly onerous and burdensome – Thus petitioner to furnish bank guarantee in sum equivalent to 30% of differential duty – Petition disposed of – Decided in favour of Petitioner.
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