Delhi HC Slashes Bank Guarantee from 130% to 30% of Differential Duty for Release of Seized Self-Drilling Bars

Delhi High Court slashed the bank guarantee for the differential duty required for the release of seized self-drilling bars. The court, while acknowledging the seizure by customs authorities, found the initial demand for a bank guarantee to be excessive or unduly burdensome on the taxpayer. By reducing the amount of the bank guarantee, the High Court facilitated the release of the seized goods, balancing the need to protect revenue interests with ensuring that businesses are not unduly hampered by disproportionate security demands during ongoing disputes.