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2. Learned counsel for the petitioner relied on Section 110A of the Customs Act, 1962 and contended that, even inspite of the pendency of any proceedings, goods are liable to be released to the owner taking a bond along with such other security and subject to such conditions as are provided in the said Section.

3. On the other hand, on behalf of the respondents, it was contended that an investigation into the import and its  background is being conducted by the Special intelligence and Investigation Branch of the respondents. It is stated that department has obtained evidence to the effect that the Import Export Code holders in whose name the imports are effected have lent their names and Import Export Code numbers for monetary consideration and every time a consignment is imported, documents are signed by the Import Export Code holders and handed over to the racketeers and their agents. It is also stated that in respect of many of the items imported in the name of the petitioner, goods have been misdeclared. On this basis, respondents are objecting to the prayer of the petitioner.

5. Evidently therefore, the Department has a case that the petitioner has lent the import export code number to a third party for an assured sum of money to be paid to him. It is also the case of the respondents that there is misdeclaration of value of various items imported by the petitioner. In such circumstances, I feel this Court will not be justified in interfering with the matter exercising its extra ordinary power under Article 226 of the Constitution of India. On the other hand, what is required is that the adjudication under the Customs Act should be completed on an expeditious basis.