https://www.taxtmi.com/caselaws?id=411551 Bank guarantee substitution remained unresolved because the Bench recorded conflicting views on whether an irrevocable guarantee issued by a scheduled foreign bank operating in India satisfied the requirement. One view treated the guarantee as valid and held that directing replacement with a scheduled Indian bank guarantee after compliance was unjustified, supporting setting aside the substitution direction. The other view read the earlier order and recorded offer as requiring a scheduled Indian bank guarantee, treated the later clarification as correction of an inadvertent mistake, and supported dismissal of the challenges to recall and review orders. No majority determination was rendered; the matter was placed before the Chief Justice of India for appropriate directions. en-us Tue, 24 Aug 2021 00:00:00 +0530 Fri, 27 Aug 2021 08:31:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411551 Bank guarantee substitution remained unresolved because the Bench recorded conflicting views on whether an irrevocable guarantee issued by a scheduled foreign bank operating in India satisfied the requirement. One view treated the guarantee as valid and held that directing replacement with a scheduled Indian bank guarantee after compliance was unjustified, supporting setting aside the substitution direction. The other view read the earlier order and recorded offer as requiring a scheduled Indian bank guarantee, treated the later clarification as correction of an inadvertent mistake, and supported dismissal of the challenges to recall and review orders. No majority determination was rendered; the matter was placed before the Chief Justice of India for appropriate directions. Case-Laws Indian Laws Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411551