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2019 (3) TMI 358 - HC - CustomsTheft of Red Sanders - licensed Container Freight Station (CFS) - Red sanders kept in the warehouse - it is alleged that the seal in the container was broken open and replaced with another broken customs seal and the Red Sanders were stolen from the container - Release/Return of Bank Guarantee - Held that:- The fact that the stolen goods have been seized and is now lying with the forest department has not been disputed by the respondents. The only thing they are disputing is that it has not been returned back to them by the forest department and therefore, at this stage, the 'Bank Guarantee' given by the petitioner cannot be returned by them. The 'Bank Guarantee' was given by the petitioner only for the purpose of securing the interest of the respondents and the Directorate of Revenue Intelligence, in respect of the stolen goods - Admittedly, the stolen goods are now very much available with the forest department which in all likelihood will be returned back to the respondents in accordance with law. This Court is of the considered view that no useful purpose would be served by the retention of 'Bank Guarantee'. Being a commercial establishment, the said amount of ₹ 6,79,50,000/- for which the 'Bank Guarantee' was issued will be useful for the petitioner for his day-to-day business, instead of remaining idle without benefiting both the parties - petition allowed.
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