UNION OF INDIA vs ADANI EXPORTS LTD.

The Supreme Court held that the Gujarat High Court erred in setting aside the order of the Appellate Tribunal for Foreign Exchange regarding the requirement of pre-deposit under Section 50 of the Foreign Exchange Regulation Act, 1973 and Section 49(3) and 49(4) of the Foreign Exchange Management Act, 1999. The Court emphasized that the High Court should not have interfered with the merits of the adjudication while the appeals were pending before the Tribunal. Consequently, the Supreme Court reinstated the Tribunal's order and directed adherence to the pre-deposit requirement.