Order Date: 31 May 2022

Facts:

• The Petitioner, M/s. Zuhoor International deposited Rs.1.5 crores towards provisional release of certain imported goods at the behest of the importer i.e., M/s Xion Foods, from whom the petitioner had purchased the subject goods.
• Revenue accepts that Rs.1.5 crores deposited by the petitioner concerns, at least partly, the subject imports.

Issue:

• Whether Petitioner is allowed to release of goods by furnishing bank guarantee?

Order

• The Authority held that It is put to Revenue as to whether the respondents/revenue will be agreeable to the release of the subject goods upon the petitioner furnishing a bank guarantee for the differential duty i.e., the amount equivalent to Rs.32,69,000/- and upon a bond being executed for the full value/estimated value of the subject goods.
• As revenue said they have no objection, if such a direction is issued by the Court. Thus, with the consent of the learned counsel for the respondents/revenue, the matter is disposed of in the aforesaid terms.
• Upon fulfilment of the conditions set out in paragraph 7 (i.e. petitioner furnishing a bank guarantee for the differential duty and upon a bond being executed for the full value/estimated value of the subject goods.) above by the petitioner, the subject goods will be released forthwith by the respondents/revenue.