High Court denies notice on Bank Guarantee release petition; petitioner urged to demonstrate validity promptly.

The High Court declined to issue notice on the petition seeking release of Bank Guarantees due to lack of evidence on their current validity. The petitioner was granted liberty to approach the relevant Authority to demonstrate validity and reasons for release, emphasizing prompt decision-making in accordance with laws and policies. The writ petition was disposed of as withdrawn with liberty granted to the petitioner to make representation before the Authority.

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Issues:
Petitioner seeks release of Bank Guarantees furnished in August 2017.

Analysis:
The High Court, comprising the Chief Justice and Ms. Justice Jyoti Singh, heard the matter through video conferencing. The court considered the writ petition filed by Mr. Pradeep Jain, Advocate, seeking directions for the release of Bank Guarantees provided in August 2017. The court noted that there was no evidence presented to establish the current validity of the Bank Guarantees or any indication that the Respondents had instructed to revalidate them over the past four years. Consequently, the court declined to issue notice on the petition. However, the petitioner's counsel expressed a desire to withdraw the writ petition with the liberty to approach the relevant Authority to seek the release of the Bank Guarantees by demonstrating their validity and providing reasons for release. The court granted the petitioner liberty to make such a representation before the concerned Authority. It was emphasized that the Authority should decide on the matter promptly in accordance with applicable laws, rules, regulations, and government policies. Subsequently, the writ petition was disposed of as withdrawn, with liberty granted to the petitioner as mentioned above.

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