Court Rules Bank Guarantee Not Valid Security u/r 37(1) of U.P. VAT Rules 2008; Stick to Specified Forms.

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....Demand of bank guarantee as security to stay recovery proceedings - under Rule 37(1) of the U.P. VAT Rules, 2008, the respondents would have demanded the petitioner to deposit security in any of the forms as mentioned in the said rule and that bank guarantee is not provided as one of the measures for demanding the security - directed to follow rules....