Bank guarantee compliance under section 129 ends proceedings on deposit, with automatic recall on default.

The writ petition was disposed of on the petitioner's undertaking to deposit the bank guarantee within three weeks. On compliance, the proceedings under section 129(3) would stand concluded in terms of section 129(5); if default was made, the recall order would operate automatically.

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Outcome: The writ petition was disposed of on the petitioner's undertaking to deposit the bank guarantee within three weeks, with the proceedings under section 129(3) to stand concluded upon compliance in terms of section 129(5), and the order to stand recalled automatically on default.

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