1. The prayer in the writ petition is to quash the order dated 9.12.2005 passed by the first respondent Settlement Commission and direct the first respondent to take settlement application on its file and settle the issue at the rate of admitted duty liability of Rs.17,53,447/-.

2. The brief facts necessary for disposal of the writ petition are as follows:

(a)The petitioner imported capital goods valued at Rs.80,33,368/-under EPCG licence issued on 17.8.2009 through seven bills of entry. The EPCG licence was issued by the Joint Director General of Foreign Trade, Chennai for the import of capital goods worth Rs.1,17,21,770/- and the original obligation was Rs.5,86,08,850/-within six years as per the Customs notification No.29/97 dated 1.4.1997.

(b)The petitioner imported goods worth Rs.81 lakhs as he could export readymade garments worth Rs.2.80 crores. Petitioner executed bank guarantee for an amount of Rs.30 lakhs. Though the petitioner faced shortage of working capital and approached the bank and financiers, he could not arrange for the additional working capital.

(c)Petitioner started a private limited Company under the name and style of M/s. Perfect Stitch Garment