KALYAN JYOTI SENGUPTA, J.

( 1 ) BY this writ petition originally the letter of demand dated 2nd August, 2000 asking the petitioner to make payment of the duty saved amount along with 24% interest and to surrender special Import Licence to the extent of five times the value of the licence in Annexure 's' and also the letter dated 2nd August, 2000 addressed to ANZ Grindlays Bank Limited (now Standard Chartered Grindlays Bank Limited) asking to make payment a sum of Rs. 56,05,000/- being the secured amount by the bank guarantee for alleged non-fulfilment of export obligation were challenged. During pendency of the writ petition because of subsequent event the petitioner got the petition amended whereby the petitioner challenged the letter dated 5th September, 2000 intimating cancellation of LOP. In spite of direction being given on several times no affidavit-in-opposition has been filed. However, opportunity was given to produce the records. The fact of the case is recorded in short as follows :

( 2 ) THE petitioner company undertook a project with approval of Reserve Bank of India for manufacturing of Colour Computer Monitor Terminals in collaboration with a foreign firm i. e. , M/s

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