TMI Blog2021 (8) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the competent authorities and the High Court cannot dilute or grant any relief with reference to the agreed export obligations. In view of the facts and on account of efflux of time, if any other grievances exist, the petitioner has to approach the competent authorities and this Court cannot consider the claim of the petitioner, as the petitioner has not established any acceptable ground for the purpose of interference. Petition dismissed. - W.P.No.13041 of 2013 And M.P.Nos.1 & 2 of 2013 - - - Dated:- 26-7-2021 - Honourable Mr. Justice S.M.Subramaniam For the Petitioner : Ms.G.Sumithra For the Respondents : Mr.T.V.Krishnamachari (For R1 R2) (Senior Central Government Standing Counsel), Mr.Vikram Ramakrishnan (F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Licensing authority with in a period of Eight Years from the date of issue of the said Licence in the following proportions: Sl. No. Period from the date of Issue of Licence Proportion of total export obligation 1. 1st Year - 2nd Year Nil 2. 3rd Year - 4th Year 15% 4. 5th Year - 6th Year 35% 5. 7th Year - 8th Year 50% Provided tha t export obligation of a particular year may be off by the excess exports made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spondent has resulted in revenue loss to the country. The only option left with the 1st respondent as of now is to find resource to a non-penal mechanism provided under the Foreign Trade Policy and Procedures as laid down in Para 5.14 of HBP. Under the scheme, the 1st respondent can pay the Customs duty plus interest and get themselves absolved of the default of non fulfilling the export obligation undertaken by them. The Customs Duty plus interest works out to ₹ 4,21,595/-. In case the 1st respondent does not pay the duty plus interest as required under the provisions of Foreign Trade (Development Regulation) Acct, 1992, 2nd the petitioner would be constrained to by way of imposition of penalty which would amount to a maximum of 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o meet ends of justice that the order of interim injunction is vacated and the 2nd respondent is permitted to invoke the Bank guarantee which was furnished by the 1st respondent and lying with the 3rd respondent. Hence, this petition seeking to vacate the order of interim injunction dated 09.05.2013 passed in M.P.No.1 of 2013 is W.P.No.13041 of 2013 pending disposal of the above writ petition. 6.In view of the facts and on account of efflux of time, if any other grievances exist, the petitioner has to approach the competent authorities and this Court cannot consider the claim of the petitioner, as the petitioner has not established any acceptable ground for the purpose of interference. Accordingly, the Writ Petition stands dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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