2020 (2) TMI 368 - BOMBAY HIGH COURT - Service Tax

Head Note / Extract:
Encashment of Bank Guarantee and the Bond - the appeal is being withdrawn, on which bank guarantee and Bond was furnished - HELD THAT:- The issue of discharge of Bank Guarantee and the Bond may be properly determined by the designated Committee itself. Mr. Srivastava states that the applicant will have no serious objection even if the designated Committee orders the encashment of the Bank Guarantee for the purposes of appropriating the amount guaranteed thereby towards the settlement under the said scheme. At this stage, we leave all these matters to the decision of the designated Committee itself. Based upon the decision of the designated committee, the parties will have liberty to apply to this Court for appropriate orders in relation to the Bank Guarantee and the Bond so furnished - application disposed off.