The Single Judge Bench dismissed the foreign exchange matter ex-parte due to non-appearance of the appellants. The court vacated interim orders and permitted the respondent to encash bank guarantees and proceed with recovery.
Respondent granted liberty to encash subsisting bank guarantees and proceed for recovery of balance claim amount.
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OD – 4
FEA/2/2005
IN THE HIGH COURT AT CALCUTTA Special Jurisdiction (Foreign Exchange) ORIGINAL SIDE
RAJ KUMAR JAIN & ANR.
-Versus-
UNION OF INDIA
BEFORE :
THE HON’BLE JUSTICE DEBANGSU BASAK
And
THE HON’BLE JUSTICE MD. SHABBAR RASHIDI Date : 15th June, 2023
Appearance : Mr. Arijit Chakraborti, Adv. ...for the respondent.
The Court : None appears for the appellants.
Learned advocate appearing for the respondent submits
that, in the earlier round of litigation, bank guarantee for 25% of the claimed amount was directed to be furnished which
the appellants furnished and the same is still alive. In the second round of litigation, 10% of the claimed amount was directed to be secured by way of bank guarantee which the appellants did and the same is still alive.
In view of non-appearance of the appellants today, as
also on June 6, 2023, FEA/2/2005 is dismissed.
All interim orders are vacated.
2
The respondent is at liberty to encash the subsisting bank guarantees and appropriate the proceeds thereof towards the pro tanto satisfaction of its claim.
The respondent is at liberty to proceed in accordance
with law as against the appellants for recovery of the balance amount of claim.
(DEBANGSU BASAK, J.)
(MD. SHABBAR RASHIDI, J.)
sm.
RAJ KUMAR JAIN & ANR.
UNION OF INDIA
DEBANGSU BASAK
MD. SHABBAR RASHIDI
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
