JUDGMENT

SABYASACHI MUKHARJI, C.J.I. —This is an application under Art. 32 of the Constitution. Northern Corporation is the petitioner in the instant application and the, Union of India, the Collector of Customs and the Assistant Collector of Customs (Bond Department) are the respondents.

2. On 11th May, 1983, the licensing authority issued import licence No. 2959845 for Rs. 20,12,729 / - in favour of M/ s. Industrial Cable India Ltd., Rajpura. The licence holder transferred the same in favour of M/ s. Metalic Metal Industries. The transferee-licence holder issued a letter of authority in favour of the petitioner for the import of MSCR defective sheets of coils. The letter of authority was issued on 21st May, 1984.

3. The petitioner herein placed order on M/ s. Sayani Enterprises Pvt. Ltd., Singapore for the supply of MSCR defective sheets or coils on 30th May, 1984. The foreign supplier shipped the material in three consignments and the goods arrived at the Bombay Port on 12th June, 1984. The clearing agent of the petitioner filed bills of entry on 30th July, 1984 for warehousing under S. 59 of. the Customs Act, 1962 (hereinafter referred to as the Act), and the same was allowed. Th