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Issues:
Challenge to the legality and validity of the order refusing to revalidate an import license; Consideration of financial difficulties as a ground for revalidation; Interpretation of relevant rules for revalidation of import licenses. Analysis: The petition challenged the order dated 16th August 1978 refusing to revalidate the import license for 1575 gas cylinders, granted to the petitioner originally owned by Polygas Limited. The license, valid until 14th January 1978, was sought for revalidation by the new management in December 1977. The refusal was based on lack of progress in utilizing the license and the availability of indigenous cylinders elsewhere. The petitioner argued that financial constraints delayed import, with a loan approved in October 1978. The respondents cited the Capital Goods Main Committee's decision against revalidating licenses without significant changes. The petitioner contended that the refusal disregarded their financial challenges and the guidelines under Rule 255. The court noted the absence of a firm commitment for cylinder supply and financial arrangements until October 1978. Correspondence with the Budapest firm did not establish a concrete agreement for cylinder purchase. The respondents' request for a contract with the foreign supplier remained unmet. The court found no conclusive evidence of financial readiness for import even after the loan approval. The decision to refuse revalidation was based on the lack of progress in utilizing the license, a valid consideration. The court emphasized that the authority's decision on revalidation should not be substituted by the court's opinion. Ultimately, the court dismissed the petition, finding no grounds for interference. As there was no representation from the respondents, each party was left to bear their own costs. The judgment upheld the decision to deny revalidation based on the lack of progress in utilizing the import license, emphasizing the authority's discretion in such matters.
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