JUDGMENT

K.S. Panicker Radhakrishnan, J.

1. Leave granted.

2. The question that has come up for consideration in this case is whether the Appellate Tribunal constituted under the Foreign Exchange Management Act 1999 (in short FEMA) was right in rejecting a belated appeal filed under Section 19 of FEMA, applying the first proviso to Sub-section (2) of Section 52 of Foreign Exchange Regulation Act 1973 (in short FERA), instead of following the proviso to Sub-section (2) to Section 19 of FEMA.

3. M/s Tirumalai Chemicals Limited (in short 'the Company') had imported various consignments of benezene, orthoxalene etc. for home consumption. For the said purpose, the Company had opened Letters of Credit bearing No. MLCO 4359096 and No. 529/960487 on 28.09.96 and 07.08.96 respectively on their bankers ICICI Bank and Standard Chartered Bank (authorized dealers). By letters dated 07.12.96 and 18.01.97 Exchange Control Copies of bills of entry (in short, ECC - bills of entry) in relation to those imports were forwarded by the Company to the above mentioned Banks. As per the provisions of Exchange Control Manual (in short ECM), the authorized dealers had to submit the ECC-bills of entry submitted b