The Ministry of commerce and industry in its notification dated 18th October 2019 has amended the foreign trade policy 2015-20
Through the amendment, a new para- 2.15A -has been inserted in chapter 2 of Foreign Trade Policy 2015-20 about the cases referred to the National Company Law Tribunal.
Provision of the new para obliges a firm/company coming under any adjudication proceedings before the National Company Law Tribunal (NCLT) to inform the concerned Regional Authority (RA) and NCLT of any outstanding export obligations/liabilities under any of the schemes under FTP. The total outstanding duty saved amount/dues along with interest, and any penalty imposed under FTD&R Act, or any other dues, shall be counted as part of the dues to the government against the said firm/company.
Click here to read the notification