Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Customs - Highlights / Catch Notes

Home Highlights September 2024 Year 2024 This

Discontinuation of bank guarantee permitted due to prolonged ...


Prolonged litigation allows discontinuation of bank guarantee, enabling refund after two decades of prejudice.

Case Laws     Customs

September 19, 2024

Discontinuation of bank guarantee permitted due to prolonged litigation without resolution, causing prejudice to appellant deprived of substantial amount subject to guarantee for over two decades. Impugned order set aside, appellant allowed to discontinue guarantee upon filing undertaking affidavit within two weeks, enabling refund of guarantee amount. Appeal allowed.

View Source

 


 

You may also like:

  1. Liquidation Proceedings - Invocation of Bank Guarantee - there is no material to show that any fraud was played by the Corporate Debtor in obtaining Bank Guarantee from...

  2. Encashment of Bank Guarantees during CIRP period - scope of moratorium u/s 14 of IBC - If bank guarantee is beyond the mentioned amount in the bank guarantee, if the...

  3. Refusal of the Bank to invoke the Bank Guarantee - Adjudicating Authority has taken the view that since CIRP proceedings were continuing the Bank Guarantee cannot be...

  4. Invocation of Bank Guarantee allowing the Application of the Resolution Professional - Performance Bank Guarantee or not - as per the facts of this case, the Bank...

  5. IBC - Invoking Bank Guarantee - Corporate Debtor has issued bank guarantee for ensuring the price of goods. The bank guarantee is irrevocable and unconditional and...

  6. RCM - payment of guarantee fee towards receipt of Bank Guarantees - These are not the guarantees provided by a corporation for it’s subsidiaries but are pure bank...

  7. The Delhi High Court allowed the application regarding money laundering and provisional attachment of property. The court ordered the substitution of the attached...

  8. Refund - The solvent security is that of a person who is entitled to/recipient of the amount. Whereas, the ‘bank guarantee’ is a guarantee given by the bank on behalf of...

  9. Refund claim - monies obtained by the revenue, against the encashment of three bank guarantees - Given the fact that there is a stay on the demand raised by the...

  10. Interest on Refund - claim of interest from the date of encashment of bank guarantees till grant of refund - The 3rd respondent has committed an error in recording an...

  11. Amendment of section 281B. - Attachment of property - If the assessee fails to renew the bank guarantee furnished under sub-section (3) or fails to furnish a fresh...

  12. Invoking and encashing a bank guarantee - Demerger of business - bank guarantee for fulfillment of the duty amount - The High Court acknowledged the limited jurisdiction...

  13. Grant of interest on the amount of bank guarantee, which was wrongly encashed by the Customs Department - the amount encashed by way of bank guarantee remained with the...

  14. TP adjustment on account of back-to-back counter bank guarantee - TPO, by considering the rate charged by Bank of Baroda for issuance of guarantee against 100% counter...

  15. Seeking release/return the detained Gold Bangles - Baggage Rules (no concealment in the body or luggage) - Section 125 of the Customs Act, 1962, gives rights to the...

 

Quick Updates:Latest Updates