Supreme Court Rules State Cannot Rely on Bank Guarantees in CCE v. Dunlop India Ltd.; Rs. 60 Lakh Denied.

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....Bank guarantee - Supreme Court in CCE v. Dunlop India Ltd. (1984 -TMI - 40039 - SUPREME Court) has held that the State is not run on the Bank Guarantees. Therefore, no permission is granted to appellant to furnish Bank Guarantee to the extent of Rs.60 lacs.... - HC....