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1. Rule. Learned Counsel appearing for the respondent waives service. By consent, Rule made returnable and heard forthwith.

2. The petitioner, a private limited company, is engaged in the business of manufacturing and distributing Milk and other milk products including Skimmed Milk Powder, etc. It has its own manufacturing unit. The petitioner was granted Import Export Code (for short "IEC") No. 3197031814 on 3rd February, 1998 and was also registered with the Agricultural & Processed Food Products Export Development Authority. The petitioner was supplying only liquid milk in the domestic market since 1992 but started exporting Skimmed Milk Product (for short "SMP") since 2004. They expanded the business to the extent that they were accounting for about 12% of the total export of the products. The petitioner had regular dealing with various countries, Dairy Farms in particular, and they entered into agreements with M/s. Unicare International, Bangkok and France International Trade, France, who placed orders with them for supply of SMP on behalf of various buyers interested in purchase of the same by way of import. The petitioner in order to meet international standards as well as proper export so far as Skimmed Milk Products were concerned, made heavy investment in plant and machinery and in fact they obtained loan of Rs.400 lacs from Canara Bank, a Term Loan of Rs.850 lacs, Export Packing Credit of Rs.500 lacs and FDBP / FUBP against Letter of Credit limit of Rs.500 lacs from Union Bank of India and various accounting facilities. Many other organisations had also invested money in the same fashion. Further, according to the petitioner, as per the prevalent practice, the intending agents open an irrevocable Letter of Credit in their favour and thereafter the petitioner executes the order as per the contract entered into between them and in terms thereof. The Government had surplus supply of milk and the petitioner had also been securing 1.50 lac litres of milk. The State Government, vide its Circular of 29th January, 2007, Exhibit "C" to the petition, had called upon various firms, including the petitioner, to subscribe to their tenders for purchase of milk from them since obviously the Government had surplus supply of milk. The Government of India in its Foreign Trade Policy had introduced various schemes by giving incentives to the exporters of such products and entitling them for duty credit scrip, which is equivalent to 5% of the FOB value of the exports. The Agricultural and Processed Food Products Export Development Authority also granted 1% rebate in the form of transport assistance to all the exporters including the petitioner. On the date of the filing of the petition, the petitioner had three export contracts, which were to be executed and fulfilled by the petitioner, namely,: