was recovered by enforcing the bank guarantee furnished by the said company. 4. On June 3, 2003, the BIFR sanctioned Karnataka Biotics' rehabilitation scheme under Section 18 of SICA. On July 16, 2004, the third respondent passed an Order-in-Original imposing a penalty of Rs. 23,38,882/— on Karnataka Biotics for Civil Appeal @ SLP(C) 4974 of 2021 Page 2 of 8non-fulfilment of export obligation under the licence. An appeal preferred before the appellate authority against the said demand was dismissed, and a review filed before the Central Government was rejected. 5. In 2007, a Writ Petition was filed by the Karnataka Biotics before the High Court of Karnataka to challenge the demand for penalty. On 24th March 2009, Karnataka Biotics amalgamated with Emmellen Biotech Pharmaceuticals Limited under the orders of the High Court. Accordingly, a certificate of incorporation for the change of the name of Emmellen Biotech Pharmaceuticals Limited to M/s Embio Limited (appellant herein) was