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2003 (2) TMI 71 - SC - CustomsWhether the impugned order of the High Court dismissing the writ petition of the appellant-company warrants any interference in exercise of the jurisdiction of this Court under Article 136 of the Constitution? Held that:- It is true that the bank guarantee has to be read in conjunction with the terms of the contract but when the bank guarantee itself is in absolute terms, the agreement between the company and the first respondent would be of no avail to the bank. When there is no apparent possibility of the fulfilment of the export obligation, the appellant-company cannot seek refuge under the extended period. Thus when it becomes apparent on the facts and circumstances of the case that there is no chance of the appellant fulfilling its export obligation, the action of the first respondent in invoking the bank guarantee cannot be said to be premature and unjustified, much less arbitrary and illegal so as to warrant any interference by this Court. Appeal dismissed.
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