UMESH CHANDRA BANERJEE, C. J.

( 1 ) THIS writ petition under Article 226 of the Constitution of India has to be rejected solely on the ground of total suppression of material facts. The petitioner herein imported certain machines on Actual User s Licence under the Export Promotion Capital Goods Scheme (for short epcg ), in particular, paragraph 38 of the Export Import (EXIM) Policy 1992-97. Though the petitioner was granted EPCG licence under para 38 of the EXIM Policy 1992-97, under the licence, there was existing an export obligation in respect of Polyster Woolen and Polyester Viscose Fabrics worth US 14,347,353 to be exported within 5 years from the date of issue of the licence. The export proceeds are required to be in freely convertible currency and in terms of condition No. 5 of the import licence, prior to clearance of the first consignment, the company was required to execute a legal undertaking and a bank guarantee for the full duty saved amount. The contextual facts depict that the licence was issued in respect of import of 32 Sulzer Looms as early as 6th June, 1995 and under three Bills of Entry, import of permitted capital goods were made at concessional rate of duty o

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