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2016 (10) TMI 192 - CESTAT NEW DELHI

2016 (10) TMI 192 - CESTAT NEW DELHI - TMI - Quantum of Bank Guarantee - amount of bank guarantee reduced to 5% - financial hardship - provisional release of goods on furnishing of B-11 bond - Is the reduction in the amount of Bank Guarantee justified? - Held that: - it is only a typographical discrepancy. The decision in the case of CC & Ors. Vs. M/s Navshakti Industries Pvt. Ltd. & Anr. 2011 (5) TMI 149-Supreme Court and CESTAT referred, where it was held that the bank guarantee amount deserve .....

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Shri R.K. Mishra, D.R. for the respondent ORDER Per Ashok K. Arya Heard both the sides. 2. The appellant pleads financial hardship that they have been put to the terms in the provisional release order issued by Principal Commissioner that the seized gods could be released provisionally by furnishing B-11 bond for ₹ 198 lakhs along with a bank guarantee of ₹ 49.50 lakhs. The appellant pleads that amount of bank guarantee of ₹ 49.50 lakhs they are unable to honour. They are citi .....

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