DEPUTY ASSTT. IRON & STEEL CONTROLLER & ANR. vs L. MANICKCHAND, PROPRIETOR, KATRELLA METALCORPN. MADRAS

The Supreme Court held that the application for an import licence should be considered under the policy in force at the time of grant, not at the time of application, as per Section 3(1)(a) of the Imports and Exports Control Act, 1947. The Court ruled that there was no undue delay in processing the application and that the Chief Controller's instructions to apply the 1970-71 policy were valid. The Court emphasized that applicants do not have a vested right to a licence based on the earlier policy, particularly when the items requested were non-priority.