https://www.taxtmi.com/caselaws?id=458171 The Delhi HC directed splitting an existing bank guarantee into two fresh guarantees, one for 17% to be retained for production before the Court and one for 83% to be delivered to the Standing Counsel, subject to the prescribed timelines and formalities. The Bank stated it would not levy charges for breaking the guarantee, while the petitioner must bear stamp duty and other necessary incidental expenditure. The Court further clarified that the petition and its directions are confined to the 17% guarantee; the 83% guarantee is not in issue and remains governed by the parties' contract. en-us Tue, 08 Dec 2020 00:00:00 +0530 Sat, 12 Oct 2024 08:36:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458171 The Delhi HC directed splitting an existing bank guarantee into two fresh guarantees, one for 17% to be retained for production before the Court and one for 83% to be delivered to the Standing Counsel, subject to the prescribed timelines and formalities. The Bank stated it would not levy charges for breaking the guarantee, while the petitioner must bear stamp duty and other necessary incidental expenditure. The Court further clarified that the petition and its directions are confined to the 17% guarantee; the 83% guarantee is not in issue and remains governed by the parties' contract. Case-Laws IBC Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458171