![]() On 20-2-99, the Board of Directors of EOL resolved the availment of loan facilities of Rs. As per ICICI letter dated 18-1-1999 and 8-2-99 on the above basis, EOL decided to process papers to ensure timely clearance of warehoused goods before the commencement of the budget to avoid any project cost increase due to any possible changes in the rate of duty. Due to this, pent up requisitions were taken up for clearance, when ICICI indicated its willingness to sanction a bridge loan of Rs. The project was thus facing a financial set back and funds required for debonding of the warehouse were not available, though the project management consultants were pressing for supply of imported materials to continue with the erection of the refinery. ![]() ![]() In June, 1998, there was a severe cyclone at Vadinar which caused substantial damage to the project as a result of which project cost increased. The dispute in the present case relates to the open bonded warehouse. (hereinafter referred to as EOL) imported plant and machinery for setting up a petroleum refinery project and stored the goods in two private bonded warehouses located at their project site, one of them an open warehouse and the other a closed warehouse. The above appeals arise out of a common adjudication order of the Commissioner of Customs, Kandla and are hence heard together and disposed of by this common order.Ģ. The brief facts leading to the filing of the appeals are that M/s.
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