REXNORD ELECTRONICS AND CONTROLS LTD. vs UNION OF INDIA .

The Supreme Court interpreted Sections 127A and 127H of the Customs Act, 1962, regarding the jurisdiction of the Settlement Commission in relation to interest payable under a bond for export obligations. The Court held that the Settlement Commission has the authority to waive interest on the bond, as it is directly linked to the payment of excise duty. The appeal was allowed, overturning the Bombay High Court's dismissal of the writ petitions challenging the Settlement Commission's order on interest.