Bank guarantee realization: effect revenue recovery upon formal court order, prompting banks to honour guarantees per regulatory guidance. Realisation of revenue under a bank guarantee is to be effected only upon receipt of a Court's order; banks had required certified copies of judgments before honoring guarantees, and a regulatory circular to commercial banks was issued to address compliance and payment procedures under guarantees in such cases.
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Provisions expressly mentioned in the judgment/order text.
Bank guarantee realization: effect revenue recovery upon formal court order, prompting banks to honour guarantees per regulatory guidance.
Realisation of revenue under a bank guarantee is to be effected only upon receipt of a Court's order; banks had required certified copies of judgments before honoring guarantees, and a regulatory circular to commercial banks was issued to address compliance and payment procedures under guarantees in such cases.
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