ORDER

Leave is granted.

2. These appeals arise from a common judgment of the High Court at Delhi in Civil Miscellaneous No. 67/4 of 2002 in Civil Writ Petition No. 2002 of 2002 and in Civil Writ Petition No. 2002 of 2002 dated July, 16, 2002.

3. The controversy in these appeals relates to the encashment of the bank guarantee by the Union of India, the first respondent. As an import policy during the period 1995-1996, the first respondent introduced an Export Promotion Capital Goods (E.P.C.G.) Scheme. The Scheme envisaged exemption from custom duty on the imported goods, plants and equipment, etc., subject to the conditions incorporated in Exemption Notification No. 111/95-CUS dated 5th June, 1995 which was issued under Section 25(1) of the Customs Act, 1962. The appellant in the appeals arising out of S.L.P. (C) Nos.14657-14658 of 2002, M/s. Daewoo Motors India Limited, availed the Scheme which, inter alia, provided that upon importing plants, and equipment, it should fulfil the export obligation equivalent to six times the CIF value of the goods which had been imported on FOB basis, or alternatively four times the CIF value of the goods imported on net foreign exchange ba