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M/s. Priya Blue Industries Pvt. Ltd., Plot No.V-1, Sosiya (hereinafter referred to as "the importer") hold import export code number and also Central Excise Registration. It imported vessel MV VLOO ARUN under OGL for the purpose of breaking. The vessel weighing 40,017 LDT had been purchased for US$ 68,49,839.00 i.e. @ US$ 167 per Long Ton. Importer got a letter of Credit bearing No.58 IDC 21.97 dated 12.8.1997 opened in favour of Ruby Enterprise Inc., 2018, Antwerp, Belgium, the foreign sellers for US$ 68,49,839.00 which amount was remitted by the Vysya Bank Ltd., Mumbai to the beneficiaries on 12.8.1997 itself. The importer had thereafter sought and been granted permission for beaching the vessel at the designated plot by the proper officer of Customs. On account of heavy current and storm the vessel got dragged towards Plot No. V-5 Sosiya and got grounded there. The importer vide its application dated 24.6.1997 requested the Assistant Commissioner of Central Excise Division, Bhavnagar for extension of time for filing the Bill of Entry for home consumption in respect of the aforesaid vessel. The requisite permission was granted by the jurisdictional Assistant Commissioner. The importer, however did not file the Bill of Entry and sought further extension of time which was declined by the Assistant Commissioner, Bhavnagar. The importer thereafter entered into a memorandum of understanding on 10th September, 1997 with Udyani Ship Breakers Ltd. ("the appellant" herein) who are the owners of Plot No.V-5, Sosiya in front of which the vessel was grounded for sale of the ship for Rs.12,01,00,000/-. An agreement to sell was executed on 11th September, 1997 and the sale was effected by Bill of sale on 26th December, 1999.