JUDGMENT :

The petitioner is a company registered under the provisions of the Companies Act, 1956. As a part of its business activities and to cater to the export market the petitioner availed the facility of an advance licence bearing No.01010015588 dated 31-03-2004 which enabled the petitioner to import raw materials and packaging materials without payment of duty and upon the condition that the petitioner would achieve a specified export obligation both in terms of value and in quantity. The petitioner states that due to circumstances beyond its control it could not achieve the export obligation within the specified time and therefore it requested an extension of the validity period which was rejected by order dated 22-01-2008 of the 2nd respondent. The petitioner thereupon preferred a review petition before the 1st respondent. Such a review petition is also provided for in terms of the provisions contained in a Foreign Trade Policy 2004-2009. When the review petition was pending an attempt was made to invoke the bank guarantee provided by the petitioner requiring the petitioner to approach this Court through W.P (C) No.8990/2008. The invocation of the bank guarantee was stayed b