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2016 (3) TMI 842 - CESTAT MUMBAI

2016 (3) TMI 842 - CESTAT MUMBAI - TMI - Exercise of Tribunal's power granted under provisions of Rule 4 and 41 of CESTAT (Procedure)Rules - Seeking provisional release of vessel - Extended on execution of bond and bank guarantee - Held that:- applicant has not made out any case for exercising our inherent power, as the option which was extended to him for payment of redemption fine in lieu of confiscation should have exercised by him when the order-in-original was passed. Also the law is very c .....

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the Respondent : Mr Ahibaran, Additional Commissioner (AR) ORDER Per M V Ravindran This application is filed by the applicant for seeking indulgence Tribunal for stay of encashment of bank guarantee No. 050PG014 dated 07/10/2015 which was executed and is in force as of today. 2. Learned counsel appearing for the applicant submits that the applicant is the owner of the vessel which was seized by the department in the year 2005. The applicant took the provisional release of the said vessel by fur .....

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Tribunal granted conditional stay on deposit of 20% of the penalty which was complied with. It is his submission that the applicant has been renewing the bank guarantee executed by them and presently valid till 06/10/2016. He would submit that the reason for moving this application urgently, is that, their banker received a letter from the Asstt. Commissioner of Customs (Preventive), Revenue Recovery Cell, office of Principal Commissioner of Customs (Preventive),Mumbai for encashment of bank gua .....

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