PADMA KHASTGIR, J.

( 1 ) THIS is an application taken out by the plaintiff, Indian Cable Company Limited for an order of injunction restraining the defendant No. 1, Messrs. Plastic Products Engineering Company from making any demand and/or receiving any payment under the bank guarantee dated May 12, 1977 and/or taking any steps for performance of the said Bank guarantee. The petitioner has also asked for an order of injunction restraining the defendant No. 2, Punjab National Bank from making any payment or releasing any money under or in terms of the said Bank guarantee.

( 2 ) THE petitioner's case shortly is that in the year 1973 Messrs, plastic Products Engineering Co. filed a writ application in the Gujarat High Court contending, inter alia, that its products including PTFE tape were not liable to excise duty. Indian Cable purchased from Messrs. Plastic Products Engineering Company goods including PTFE tape of the total value of Rs. 17,73,031. 36 between June, 1374 and May, 1977. On June 17, 1976 the Collector of Central Excise adjudicated upon the issue in question holding that the products of M/s. Plastic Products were subject to levy of Central Excise Duty. Thereafter anoth

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