9911796707
TMI Blog2020 (12) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... - "30. We also find that under the facts and circumstances, the appellant is an established business concern registered with the Customs dept, DGFT, Income Tax, GST, etc. Due to seizure of almost the whole working capital (Goods, raw material, W.I.P.), for over 6 months, the appellant is facing difficulty of livelihood, it's workmen, and others too. The appellant is also incurring regular fixed cost or establishment cost, unable to fulfill its time-bound export obligation, resulting in Irreparable loss, and civil consequences. The balance of convenience lies in allowing provisional release in favour of the appellant. We thus allow provisional release on the following terms:- (i) Bond for full value of the seized goods (ii) The bon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) Needless to say, there,shall be no misuse or illegal diversion of the gold, gold jewellery and silver, being provisionally released to the respondent. For this purpose, the premises of the respondent would be kept open for inspection by the appellant, at all points of time, and all utilization/sale of the gold, gold jewellery or silver shall be duly accounted for. We direct that weekly account statements, in that regard, shall be furnished, by the respondent, to the appellant." 3. Against the said order of the Division Bench, the Respondents herein approached the Supreme Court and relevant part of the order in Special Leave to Appeal (C) No. 10472/2020 dated 01.10.2020 is as under:- "4. We are of the considered view that the quan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... original Bank Guarantees earlier furnished by the Petitioner are available in his office and can be collected by the Petitioner. 7. I have heard the learned counsels for the parties. 8. In view of the order passed by the Supreme Court, the Petitioner is required to furnish a Bank Guarantee in the sum of Rs. 15 Crores, pursuant to which the Respondents are required to release the seized goods in terms of the order of CESTAT dated 13.11.2019 as modified by the Supreme Court. 9. It is thus open to the Petitioner to furnish a Bank Guarantee in the sum of Rs. 15 Crores to the satisfaction of the Competent Authority. The Competent Authority shall thereafter forthwith release the seized goods to the Petitioner, provisionally, on furnishing the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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