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2015 (5) TMI 878 - HC - CustomsApplication for restraining Respondent from invoking and encashing bank guarantees/pay orders - Held that:- The bank guarantees/pay orders were retained because the Petitioner having failed to discharge the export obligation and no certificate having been obtained in that behalf, there was a default in complying with the requisite provisions of the Customs Act, 1962 and the Rules made thereunder. It is for that purpose and to secure the revenue that this without prejudice arrangement was made. If the Revenue has any powers in terms of the rules and regulations to initiate legal proceedings, they are free to do so. They are equally free to pass such orders as are permissible in law. However, we cannot allow the retention of the bank guarantees/pay orders, as sought by the Respondents. The bank guarantees/pay orders be returned, duly cancelled, within a period of four weeks - Decided in favour of appellant.
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