TMI Blog2006 (2) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... er, despite service the defendant did not appear and he was directed to be proceeded with ex parte by virtue of an order dated 16-9-2002. The plaintiff was directed to lead ex parte evidence by filing an affidavit. The evidence affidavit was filed by the plaintiff and was taken on record. Documents were also filed and the same were marked as Ext. PW1/1 to PWl/6. 2. The case of the plaintiff is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant with 4 Kg of gold on 17-9-1993 and a further 2 Kg of gold on 4-2-1994. It was agreed between the plaintiff and the defendant that the said gold supplied by the plaintiff to the defendant would be converted into jewellery by the defendant and the same would be exported within 120 days. The gold was imported by the plaintiff without payment of duty under the scheme in terms of Notification No. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1992-97 and other Regulations, failed to comply with the condition of re-export within 120 days. Due to this failure on the part of the defendant, the 6 Kg of gold imported by the plaintiff and handed over to the defendant under the scheme, immediately became the subject matter of levy of Customs Duty and other charges/penalties. It is in this context that the Customs Authorities issued a show ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PW1/5 is the Certificate of Encashment. The bank guarantee was invoked and encashed on 10th February, 1999. 4. From the averments made in the plaint as well as the evidence led by the plaintiff, it is clear that the defendant had undertaken to export the finished goods and furnish the release order issued by the Customs Authorities by the Joint Controller of Imports and Exports within a period ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, therefore, the plaintiff would be entitled to interest on the said amount with effect from 10-2-1999 till realisation at the rate of 24% per annum in terms of the notice as well as in view of the fact that the bank itself has certified that during that period interest has been charged at the rate of 24% per annum. Accordingly, this suit stands decreed in favour of the plaintiff in terms of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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