https://www.taxtmi.com/caselaws?id=46499 The Supreme Court upheld the High Court's decision to dismiss the writ petition challenging the validity of the bank guarantee invocation by the Union of India under the E.P.C.G. Scheme. The Court emphasized the absolute nature of the bank guarantee, making it enforceable regardless of contractual disputes or financial hardships faced by the appellant company. The revocation of the extended export obligation period, coupled with the appellant's inability to fulfill obligations, justified the Union of India's action. The appeals were dismissed, emphasizing the importance of honoring unconditional bank guarantees. en-us Thu, 20 Feb 2003 00:00:00 +0530 Mon, 23 Jun 2014 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=46499 The Supreme Court upheld the High Court's decision to dismiss the writ petition challenging the validity of the bank guarantee invocation by the Union of India under the E.P.C.G. Scheme. The Court emphasized the absolute nature of the bank guarantee, making it enforceable regardless of contractual disputes or financial hardships faced by the appellant company. The revocation of the extended export obligation period, coupled with the appellant's inability to fulfill obligations, justified the Union of India's action. The appeals were dismissed, emphasizing the importance of honoring unconditional bank guarantees. Case-Laws Customs Thu, 20 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=46499