KARACHI: The Customs Appellate Tribunal has suspended the recovery notice issued by Collector of Customs to the Fauji Cement Company (FCC) as their appeal against the said notice was lying pending before the tribunal and ordered FCC to submit a bank guarantee equal to 50 percent of the demand created for the satisfaction of both the parties.
Collector Customs has issued a notice to FCC for the recovery of Rs33 million, which was challenged before the Tribunal.
The Tribunal also barred Collector Customs from taking any coercive action against the company and directed to unblock their import I.D as it effected the clearance of different other consignments of FCC.
Fauji Cement Company had filed the stay application with the prayer to suspend the operation of the recovery notice issued by Collector Customs under Section 202 of the Customs Act, 1969. During the pendency of the subject application, FCC filed a Civil Suit before Sindh High Court for the relief of declaration and permanent injunction.
Sindh High Court passed certain specific directions and disposed of the said suit. After which the Tribunal conducted hearing on the pending stay application and directed FCC to submit a bank guarantee of Rs16.5 million.