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2022 (5) TMI 590 - HC - CustomsSeeking provisional release of imported consignment - Magnesium Lump - HELD THAT:- The provisional release of the goods (Magnesium lump) ordered upon furnishing of the bank guarantee, bond and the undertaking subject to the following terms and conditions: [a] The writ applicants shall submit a bank guarantee of Rs.10 Lakh (Rupees Ten Lakh only) for a period of twelve weeks of any nationalized bank or a private bank in favour of the respondent No.1. [b] The Managing Director of the writ applicant company shall file an undertaking with the respondents authorities and before this Court that he possess sufficient assets and in the event the consignment is found to have origin from Pakistan, he shall pay the differential duty if the petitioner No.1 is not in a position to pay the differential amount as may be adjudicated. [c] Additionally, the writ applicants shall file a bond for the differential duty as per the Customs Act, 1962 and the rules made thereunder, before the authority. Once the bank guarantee is furnished of the requisite amount as above, the goods shall be provisionally released in favour of the writ applicants - application disposed off.
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