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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
M.S. SONAK, JITENDRA JAIN
Commissioners of Customs (Export) – Appellant
Versus
Bank of India – Respondent
| Table of Content |
|---|
| 1. the substantive relief sought relies on the conditions set in bank guarantees. (Para 2 , 3 , 4) |
| 2. the necessity for timely claims under the bank guarantee is emphasized. (Para 5 , 6 , 11) |
| 3. the court discusses the interpretation of the guarantee clauses. (Para 7 , 10 , 14) |
| 4. stricter compliance to conditions of the bank guarantee is necessary. (Para 12 , 17) |
| 5. the final ruling reiterated the rejection of the petition due to non-compliance. (Para 18 , 20) |
Judgment :
M.S. Sonak, J.
1. Heard and learned counsel for the parties.
2. The Commissioner of Customs has instituted this writ petition seeking the following substantive reliefs: -
“(a) Rule be issued (b) This Hon'ble Court be pleased to issue a Writ of Mandamus under Article 226 of the Constitution of India directing the Respondent No. 1 to pay total amount of Rs 1,95,41,000/- Rupees One Crore Ninety Five Lakhs Fourty One Thousands only secured by it under 4 Bank Guarantees [Exhibit-"C(Colly)"] to the petitioner.”
3. Ms. Majumdar, the learned counsel for the petitioner, refers us to the Bank Guarantees at Exhibit “C(colly)”. She submits that the wording of all these Bank Guarantees is identical. She further submits t
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The court held that the liability of the Personal Guarantor is co-extensive with that of the Corporate Debtor, emphasizing that the terms of the guarantee dictate when that liability arises.
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