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2021 (5) TMI 1082 - DELHI HIGH COURTPetition Seeking restraint against the invocation/ encashment of the bank guarantee - extension of the EPCG authorisation - non-fulfilment of export obligations - HELD THAT:- The amount of the demand draft may be re-deposited by Yes Bank, and the Bank Guarantee shall be re-issued in favour of Respondent Nos.1 & 2, for a validity period of at least two years, on the same terms and conditions on which it was issued before. This would satisfy the prayers (a) and (b) of the petition. The reason for non-fulfilment of the same, as captured in the order dated 6th May 2021, is the COVID-19 pandemic, because of which the hospitality sector has been adversely hit. Accordingly, considering the fact that the COVID-19 pandemic has reduced tourism, as also the occupancy levels in hotels including that of the Petitioners, the present writ petition, insofar as it relates to prayers (c), (d) & (e), may be considered as a representation, by the Director General of Foreign Trade (“DGFT”). The said prayers for extension of the EPCG authorizations may be considered by DGFT, after giving a hearing to the Petitioner and a decision in respect thereof would be taken in accordance with the law on or before 31st July, 2021. The decision taken, shall be communicated to the Petitioner and the Petitioner’s remedies, if any, in respect of the said decision that may be taken, are left open to be availed of in accordance with law.
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