The Corporate Debtor, Metalite Eco Future Labs Private Limited, imported goods under a customs duty exemption scheme, executing EPCG Bonds with the Appellant (Assistant Commissioner of Customs) for export obligations. Bank Guarantees (BGs) were issued by Bank of Baroda (Respondent No. 2) in favor of the Appellant, backed by Fixed Deposits (FDRs) of the Corporate Debtor. The Corporate Debtor failed to fulfill its export obligations. Liquidation proceedings were initiated against the Corporate Debtor, and Ms. Shruti Gupta (Respondent No. 1) was appointed Liquidator. The Liquidator sought the return of original BGs and remittance of FDR amounts to the liquidation account. The NCLT allowed this application, directing the Appellant to return BGs and Bank of Baroda to remit
…Metalite Eco Future Labs Private Limited (Corporate Debtor) was incorporated on 09.12.2010 under the Companies Act 1956.
During 2014 and 2015, the Corporate Debtor imported goods and availed customs duty exemption under a Government of India scheme.
The Corporate Debtor executed eight EPCG Bonds with the Assistant Commissioner (EPM) (Appellant) for export obligations.
Bank Guarantees (BGs) were executed by The Branch Manager, Bank of Baroda (Respondent No. 2) in favour of the Appellant for each EPCG Bond, backed by Fixed Deposits (FDRs) of the Corporate Debtor.
The Corporate Debtor failed to fulfill its export obligations, leading to an outstanding amount of ₹ 1,81,27,632/- payable to the Customs Department.
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The Corporate Debtor…
The Corporate Debtor imported goods under a…
The Corporate Debtor, Metalite Eco Future Labs Private Limited, imported goods under a customs duty exemption scheme, executing EPCG Bonds with the Appellant (Assistant Commissioner of Customs) for export obligations. Bank Guarantees (BGs) were issued by Bank of Baroda (Respondent No. 2) in favor of the Appellant, backed by Fixed Deposits (FDRs) of the Corporate Debtor. The Corporate Debtor failed to fulfill its export obligations. Liquidation proceedings were initiated against the Corporate Debtor, and Ms. Shruti Gupta (Respondent No. 1) was appointed Liquidator. The Liquidator sought the return of original BGs and remittance of FDR amounts to the liquidation account. The NCLT allowed this application, directing the Appellant to return BGs and Bank of Baroda to remit
…Metalite Eco Future Labs Private Limited (Corporate Debtor) was incorporated on 09.12.2010 under the Companies Act 1956.
During 2014 and 2015, the Corporate Debtor imported goods and availed customs duty exemption under a Government of India scheme.
The Corporate Debtor executed eight EPCG Bonds with the Assistant Commissioner (EPM) (Appellant) for export obligations.
Bank Guarantees (BGs) were executed by The Branch Manager, Bank of Baroda (Respondent No. 2) in favour of the Appellant for each EPCG Bond, backed by Fixed Deposits (FDRs) of the Corporate Debtor.
The Corporate Debtor failed to fulfill its export obligations, leading to an outstanding amount of ₹ 1,81,27,632/- payable to the Customs Department.
…The Corporate Debtor…
The Corporate Debtor imported goods under a…