DEBANGSU BASAK, J. - (1.) The petitioner has sought a declaration that, it is entitled to extension of the export licence dated January 2, 1996 in accordance with the Import and Export Policy 2002 -2007 and the subsequent policies in view of such extension being approved by the Board for Industrial and Financial Reconstruction (BIFR) in a scheme sanctioned by the BIFR in respect of the petitioner.
(2.) Learned Senior Advocate for the petitioners has submitted that, the first petitioner was referred to the BIFR. In a reference being BIFR Case no. 336 of 2001, the BIFR had by an Order dated January 19, 2009 sanctioned a scheme for rehabilitation of the first petitioner. Such sanctioned scheme postulates that, the first petitioner would have ten years time to fulfil the export obligations under the concerned licence commencing from the cut -off date being March 31, 2008. In such circumstances, he has submitted that, the petitioner should be allowed the time as sanctioned by the BIFR to fulfil its export obligations.
(3.) Learned Senior Advocate for the petitioner has referred to the General Exemption No. 56 issued by the authorities in exercise of powers conferred under Section 25(1) of the Customs Act, 1962 and has submitted that, an importer can execute a bank guarantee to secure the claim of the authorities.;