6 May 2024

Search Results for Tag : guarantee

International Cases

Once a guarantee is valid on the face of it, the contractual obligation of the bank is to pay the nominated beneficiary, if the conditions are met(30.12.2022)

In present case, the High Court dismissed the application brought by the liquidators of the Appellant, Cape Concentrate (Pty) Ltd. to set aside, as a .....

Tags : Payment, Demand, Bank guarantees

A bank which gives a performance guarantee must honour that guarantee according to its terms(13.11.2020)

Appeal was filed by the Joint Venture between Aveng (Africa) Pty (Ltd) and Strabag International Gmbh (the Joint Venture) against the order of the Hig.....

Tags : Beneficiary, Performance guarantee, Payment

Judgments

A person deprived of using legitimately entitled money has a right to be compensated for the deprivation by way of interest, compensation or damages(26.12.2019)

The Review Petitioner, Power Grid Corporation of India Ltd., has filed the present Review Petition under Section 94 of the Electricity Act, 2003 read .....

Tags : Refund, Bank Guarantee, Direction

News

Jharkhand HC Rejects Plea to Seek Regularization of Persons Engaged Under MNREGA(04.04.2022)

Jharkhand High Court has rejected a writ plea filed by 39 persons working on the sanctioned post of Gram Rojgar Sewak under the Mahatma Gandhi Nationa.....

Tags : Jharkhand High Court, Mahatma Gandhi National Rural Employment Guarantee Act, 2005, Gram Rojgar Sewak, 39 persons, scheme for regularization

Madras HC: Asian Paints to Furnish Bank Guarantee for GST Department to Release Detained Goods(02.05.2022)

Madras High Court has directed the Goods and Services Tax department to discharge the detained goods on furnishing of the bank guarantee by Asian Pain.....

Tags : Madras High Court, Goods and Services Tax, bank guarantee, Asian Paints

Delhi HC: Weak Financial Condition of Party Cannot be Sole Ground to Deposit Security/Bank Guarantee(09.05.2022)

Delhi High Court has ruled that the weak financial condition of a party cannot be the only ground to direct the party to deposit a security or bank gu.....

Tags : Delhi High Court, bank guarantee, arbitration

Delhi HC: Employer Can’t Retain Performance Bank Guarantee After Acknowledging Due Performance(14.12.2022)

Delhi High Court has held that the employer cannot withhold the performance bank guarantee after acknowledgement of the due performance of the contrac.....

Tags : Delhi High Court, Performance Bank Guarantee, Counter Claims

Kerala HC: Right of Creditor to Have Bank Guarantee Invoked Only During Currency of Bank Guarantee(29.04.2021)

Kerala High Court has held that the right of a creditor to have the Bank Guarantee invoked is only during the currency of the Bank Guarantee and not d.....

Tags : Kerala High Court, Bank Guarantee

SC: Practice of Seeking Pre-Deposit of Bank Guarantee for Grant of Bail is Unsustainable(26.04.2023)

Supreme Court has held that the practice whereby pre-condition of furnishing bank guarantee is imposed on the accused by the Trial Court and the High .....

Tags : Supreme Court, Bank Guarantee, Bail, Unsustainable

Beneficiary is entitled to realize a Bank Guarantee in terms thereof irrespective of any pending dispute relating to the terms of the contract(20.12.2019)

In the 'Corporate Insolvency Resolution Process' of Vishwa Infrastructures and Services Private Limited, the Appellant - 'Thermax Limited' (Operationa.....

Tags : Bank Guarantee, Encashment

Invocation of a bank guarantee cannot be injuncted merely on ground that disputes are pending between the parties(08.02.2021)

The Petitioner has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 ( A&C Act), praying that direction be issu.....

Tags : Bank guarantee, Encashment, Injunction

Rajasthan HC: Condition to Submit Bank Guarantee Against Annual Fees as Illegal(01.06.2021)

Rajasthan High Court has held that the condition imposed by private medical institutions requiring students seeking admission to MBBS Course to submit.....

Tags : Rajasthan High Court, Bank Guarantee Against Annual Fees

Delhi High Court: Bank Guarantee Can Be Stopped Only on Fraud(16.11.2015)

Delhi High Court has held that invocation of a bank guarantee can be stopped only if it is proved that there was fraud or irretrievable injury or inju.....

Tags : Delhi High Court , Bank Guarantee

SC Sets Aside Bail Condition to Furnish Bank Guarantee(14.06.2023)

Supreme Court has set aside a bail condition imposed by High Court to furnish Bank Guarantee worth Rs. 2 Crore by the accused and modified the same by.....

Tags : Supreme Court, Bank Guarantee, Bail Bond

Supreme Court Slams Centre Over Improper Implementation of MGNREGA(03.11.2015)

Supreme Court on a PIL alleging improper implementation of Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in terms of timely payment.....

Tags : Supreme Court, Mahatma Gandhi National Rural Employment Guarantee Act

Bombay HC: No Interference with Unconditional Bank Guarantee Except When Fraud Established(20.08.2021)

Bombay High Court has observed that there can be no interference with an unconditional bank guarantee except when fraud is established or apprehension.....

Tags : Bombay High Court, Unconditional Bank Guarantee

Kar. HC: Right to Associate and Association are Constitutionally Guaranteed(19.07.2023)

Karnataka High Court while observing that Right to associate and association are constitutionally guaranteed, has held that people gathering to pay ho.....

Tags : Karnataka High Court, Right to Associate, Constitutional Guarantee

Merits and the terms of contract are irrelevant for invoking of the bank guarantees(15.11.2017)

The Petitioner has filed present petition under Section 9 of the Arbitration and Conciliation (Amendment) Act, 2015 with a prayer that, Respondents be.....

Tags : Bank guarantee, Encashment

Court has discretion to insist on a Bank Guarantee from any specific bank or class of banks to safeguard the interest of beneficiary of Bank Guarantee(24.08.2021)

Present appeals are against a judgment passed by the High Court, dismissing the Appeal filed by the Appellant under Section 37 of the Arbitration and .....

Tags : Bank Guarantee, Replacement, Direction

Unless there is fraud of beneficiary or irretrievable harm or injury, Courts are not to interfere with encashment of Bank Guarantees(02.09.2016)

Appellant No. 1 a Joint Venture Company formed for specific purpose of constituting, commissioning and operating Kochi-Coimbatore-Erode-Salem LPG Pipe.....

Tags : Bank guarantee, Encashment, Delay, Financial Closure

CMRL’s invocation of Gammon’s guarantee would cause irretrievable injustice(08.09.2015)

The Madras High Court granted an injunction in favour of Gammon, preventing Chennai Metro Rail Limited from invoking its bank guarantee. CMRL’s move s.....

Tags : Fraud, guarantee, metro, injunction

Invocation of bank guarantee restricted only for fraud and irretrievable injustice(02.11.2015)

The Delhi High Court allowed an appeal against an order restraining the encashment of a bank guarantee by the Appellant. It noted that as per preceden.....

Tags : Bank guarantee, prejudice, future success

SEBI Issues Framework for Core Settlement Guarantee Fund(06.01.2020)

Securities and Exchange Board of India has come out with a new framework for a Core Settlement Guarantee Fund and liability of non- defaulting members.....

Tags : SEBI, Core Settlement Guarantee Fund

Chhattisgarh HC: Bank Can be Restrained from Enforcement of Unconditional Bank Guarantee(25.01.2022)

Chhattisgarh High Court has held that the bank can be restrained from enforcement of unconditional and absolute performance bank guarantee by interim .....

Tags : Chhattisgarh High Court, Unconditional Bank Guarantee

Delhi HC Stays Bank Guarantees' Invocation(21.04.2020)

Delhi High Court has passed an interim order restraining the invocation of bank guarantees, observing that the lockdown was prima facie in the nature .....

Tags : Delhi High Court, Bank Guarantees

Chhattisgarh HC Restrains NTPC from Invoking Bank Guarantee Against Contracting Party(01.02.2022)

Chhattisgarh High Court has directed the National Thermal Power Corporation [NTPC] to try and amicably resolve a contractual dispute before proceeding.....

Tags : Chhattisgarh High Court, Bank Guarantee Against Contracting Party

Prospectus is a complete code in itself, candidates seeking admission under the Prospects are bound by the terms contained therein(20.09.2017)

In facts of present case, Department of Medical Education and Research, issued a Prospectus-cum-Application Form for admission to the Postgraduate Deg.....

Tags : Bank Guarantee, Condition, Legality

Insurer liable even if insuree does not follow own bye-laws strictly(02.03.2016)

The National Consumer Disputes Redressal Commission held that the Bombay Stock Exchange should not have utilised money from its Trade Guarantee Fund t.....

Tags : Stock exchange, default, guarantee fund, insurance

Notifications & Circulars

Clarification regarding bank guarantee requirement for bond executed by EOUs(14.08.2018)

1. Various representations have been received regarding difficulties faced by EOUs with respect to requirements of bank guarantees in view of Circular.....

Tags : Clarification, Bank guarantee, Bond, Execution

Specified Bank Notes (SBNs) - Deposit under Guarantee Scheme to decongest the storage facilities at banks(24.11.2016)

As you are aware there is a massive accumulation of SBNs at branches of banks and currency chests putting strain on processing capacities and storage .....

Tags : Guarantee Scheme, Deposits, SBNs

Central Government approves Guarantee Scheme for Corporate Debt (GSCD)(26.07.2023)

The Central Government has approved the 'Guarantee Scheme for Corporate Debt' (GSCD) for the purpose of providing guarantee cover against debt raised/.....

Tags : Guarantee Scheme, Corporate Debt, Approval

Review of risk weights assigned to sovereign debt(10.03.2016)

The Reserve Bank of India reviewed and determined risk weights assigned to exposures to domestic sovereigns. Exposure to Central Government, fund and .....

Tags : Risk weight, government, loan, guarantee

Reporting of Bank Guarantee on behalf of service importers discontinued(07.07.2016)

The Reserve Bank of India announced the discontinuation of submission of reports on guarantees issued by banks in favour of non-residents service prov.....

Tags : rbi, bank guarantee, service importer, reporting requirement

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