Articles for Bank Guarantees

Mint Explainer: Does India's telecom sector need more reforms?
3 weeks, 5 days ago

Mint Explainer: Does India's telecom sector need more reforms?

Live Mint  

India's telecom sector is a critical pillar of the country’s digital economy. Major telecom operators, especially Bharti Airtel and Vodafone Idea, have been able to improve their financials with increased average revenue per user, consolidation within the sector, and a reduced need for competitive price cuts. These reforms were a turning point, aimed at providing relief to the cash-strapped telecom …

India Telecom Financial Services Reforms Revenue Sector
Bank guarantee waiver to help Vodafone Idea's debt funding plans, reduce financial burden
3 weeks, 6 days ago

Bank guarantee waiver to help Vodafone Idea's debt funding plans, reduce financial burden

Live Mint  

Vodafone Idea's plan to raise ₹35,000 crore may get a shot in the arm from the Union Cabinet's decision to waive bank guarantees from telecom operators for airwaves bought in auctions till 2022. The Union Cabinet approved a proposal to waive bank guarantees that telecom service providers need to submit for spectrum auctioned till 2022,Mint reported on Tuesday. Despite the …

India Telecom Bank Cabinet Idea Vodafone Bharti Airtel
Clarity on AGR to help raise bank debt, says Vodafone Idea CEO
1 month, 1 week ago

Clarity on AGR to help raise bank debt, says Vodafone Idea CEO

Live Mint  

New Delhi: Clarity from the government on the issue of adjusted gross revenue will move the needle on Vodafone Idea Ltd’s efforts to raise debt from lenders, its top executive said, adding that promoters, along with the management, were in discussions with banks for raising ₹35,000 crore. “As any interested party, the lenders are also looking at what is happening …

Revenue Crore Tariff Vodafone Idea Agr Moondra Bank Guarantees
Why hasn't Musk's Starlink yet got satcom licence in India? Telecom minister says...
1 month, 1 week ago

Why hasn't Musk's Starlink yet got satcom licence in India? Telecom minister says...

Firstpost  

Union Telecom Minister Jyotiraditya Scindia on Tuesday said India will be more than happy to give licence to Starlink, the satellite internet service operated by Elon Musk’s SpaceX, provided the company meets all required security conditions Union Telecom Minister Jyotiraditya Scindia on Tuesday said India will be more than happy to give licence to Starlink, the satellite internet service operated …

India Security Telecom Bank Spectrum Allocation Musk Minister
Tesla soon in India, government close to finalising concession on import duties for EVs
10 months, 1 week ago

Tesla soon in India, government close to finalising concession on import duties for EVs

Firstpost  

Tesla, the prominent US-based electric automaker, may soon establish its presence in India, with the government nearing the finalisation of a policy to extend concessional import duties on electric cars valued above Rs 30 lakh for 2-3 years, suggests a report by The Economic Times. Sources familiar with the matter disclosed that the reduced import duties could be provided by …

India Tesla Indian Invest Duties Import Import Duties
IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court
11 months, 2 weeks ago

IBC | Statutory Set Off Or Insolvency Set Off Inapplicable To Corporate Insolvency Resolution Process: Supreme Court

Live Law  

The Supreme Court has held statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process proceedings under the Insolvency and Bankruptcy Code, 2016. “We would not extend it by implication, when the legislature has not accepted applicability of mutual set-off at the initial stage, that is, the Corporate Insolvency Resolution Process stage.” BACKGROUND FACTS In …

Supreme Court Corporate Court Insolvency Resolution Corporate Debtor Resolution Professional
FMCG, Auto and Realty lift Sensex by 170 pts; Nifty ends 45 pts higher
1 year, 7 months ago

FMCG, Auto and Realty lift Sensex by 170 pts; Nifty ends 45 pts higher

Live Mint  

Global cues and corporate earnings are the factors directing the domestic market sentiment, and amidst fears of impeding global recession, investors are choosing caution. Nestle India shines as it leads the stock charts and gains 1.5% in today's session View Full Image Nestle India Yes Securities Report on AU Small Finance Bank and HDFC Asset Management Company AU Small Finance …

India China Indian Bank Microsoft Maruti Suzuki Auto
Chandigarh parking scam: Cops suspect money laundering, set to approach ED
1 year, 8 months ago

Chandigarh parking scam: Cops suspect money laundering, set to approach ED

Hindustan Times  

The UT Police is set to report the multi-crore parking scam to the Enforcement Directorate after discovering shell companies and a possible money laundering angle. While working on recovering ₹ 6.5 crore unpaid licence fee from the Zone 2 contractor, whose contract had ended in January, MC officials had unearthed the Chandigarh parking scam wherein the contractor had furnished forged …

Delhi Money Laundering Money Shell Companies Bank Parking Chandigarh
Employer Cannot Retain Performance Bank Guarantee After Acknowledging Of Due Performance: Delhi High Court
2 years ago

Employer Cannot Retain Performance Bank Guarantee After Acknowledging Of Due Performance: Delhi High Court

Live Law  

The High Court of Delhi has held that the employer cannot withhold the performance bank guarantee after acknowledgement of the due performance of the contract by the contractor. The bench of Justice V. Kameshwar Rao held that the employer cannot also withhold the performance bank guarantee merely for securing the amount of its counter-claims. The Court held that the employer …

Performance Court Bank Order Tribunal Respondent Crores
Customs Authorities Cannot Encash Bank Guarantee Before Expiry Of The Limitation Period For Filing An Appeal: Bombay High Court
2 years, 4 months ago

Customs Authorities Cannot Encash Bank Guarantee Before Expiry Of The Limitation Period For Filing An Appeal: Bombay High Court

Live Law  

The Bombay High Court has reiterated that Customs Authorities cannot encash the Bank Guarantee furnished by the assessee before the expiry of the statutory period available for filing an appeal. Ltd. versus Union of India, the Customs Authorities had breached the law by adopting coercive measures and encashing the Bank Guarantees before the expiry of the limitation period available for …

India Court Bombay High Court Customs Bank Order High
Restraining Payments "On-Demand": Liberal Or Restrictive Approach?
2 years, 5 months ago

Restraining Payments "On-Demand": Liberal Or Restrictive Approach?

Live Law  

Employers under construction contracts often require contractors to furnish security in the form of guarantees or bonds. The UK Court of Appeals, in the Bolivinter Oil v. Chase Manhatton Bank, noted that beneficiary fraud known to the bank is the "wholly exceptional" ground for interfering with the payment. In RD Harbottle Ltd. v. National Westminister Bank Ltd, it was held …

India Singapore Court Cases Indian Bank Courts
Telangana can raise funds through bonds, says Centre
2 years, 7 months ago

Telangana can raise funds through bonds, says Centre

Deccan Chronicle  

Hyderabad: The Centre is learnt to have granted “conditional approval” to the state government to raise funds through the auction of bonds this month, after hearing concerns of the state finance department officials. Rao pointed out that the Centre had given states Rs 12,000 crore in 2020-21, Rs 15,000 crore in 2021-22 and Rs 1 lakh crore in 2022-23 towards …

Finance Auction State Crore Centre Funds Rao
Can't Pass Orders For Encashment Of Bank Guarantees That Are Not Alive As On Date: Delhi High Court
3 years ago

Can't Pass Orders For Encashment Of Bank Guarantees That Are Not Alive As On Date: Delhi High Court

Live Law  

The Delhi High Court today dismissed an appeal seeking encashment of bank guarantees issued in the year 2013, and that expired in 2016. In its order, the Bench recorded thus: "Once the life of bank guarantees comes to an end, the same cannot be encashed nor the same can be allowed to be enchased, neither by the bank, nor by …

Court Delhi High Court Bank Bench Alive Guarantees Guarantee
The Scope Of Exception 3 To Sec.28 Of The Indian Contract Act 1872, Judgement In Larsen & Toubro Ltd Vs Punjab National Bank: An Analysis
3 years, 1 month ago

The Scope Of Exception 3 To Sec.28 Of The Indian Contract Act 1872, Judgement In Larsen & Toubro Ltd Vs Punjab National Bank: An Analysis

Live Law  

Section 28 of Indian Contract Act, 1872—which provides that every contract in restraint of legal proceedings is void—is one of the restrictions on the freedom of contract. The question was whether the Specified Period mentioned in Exception 3 is for lodging the claim under the bank guarantee, or is it like the period of limitation under the Limitation Act, 1963. …

Contract Delhi Supreme Court Rights Legal Proceedings Indian Purpose
Insurance bond could substitute bank guarantee
3 years, 3 months ago

Insurance bond could substitute bank guarantee

Deccan Chronicle  

Mumbai: Insurance companies have welcomed the government’s plan of introducing insurance bonds as an alternative to bank guarantees but said that the pricing should be market driven for insurers to offer such a product to cover unexpected liabilities in a project. The pricing of the insurance bond should not be controlled but should be market driven.” Karni Singh Arha, chief …

Bank Guarantee Bank Guarantees Insurance Bond
Delhi High Court Issues Practice Directions Notifies Performa For Summons For Settlement Of Issues In Commercial Dispute
3 years, 5 months ago

Delhi High Court Issues Practice Directions Notifies Performa For Summons For Settlement Of Issues In Commercial Dispute

Live Law  

The Delhi High Court has issued practice directions in respect of bank guarantees required by the Court and has also notified the performa for 'Summons for Settlement of Issues in a Suit Relating to Commercial Dispute'.The directions with regards to the bank guarantees are given as per the decision of the High Court dated 2nd June 2021 in the case …

Court Bank Party Case Delhi High Guarantees Guarantee
Insolvency Law In Review – November 2020
4 years ago

Insolvency Law In Review – November 2020

Live Law  

The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. In Sanjeev Kumar v. Aithent Technologies Private Limited, the NCLAT by a majority judgment held that the NCLT, Kolkata had rightly admitted the application filed u/s 9 of the Code by the lessor, as even though the dues arising from the lease …

Law Mumbai Supreme Court Insolvency Resolution Corporate Debtor Application
Performance Bank Guarantees: The Linchpin Of Commercial Transactions [Part II]
4 years, 2 months ago

Performance Bank Guarantees: The Linchpin Of Commercial Transactions [Part II]

Live Law  

This series of blog posts shall recount the law on evolution of performance bank guarantee in India. It shall cover the meaning of bank guarantee as distinguished from indemnity and letter of credit, and the legal framework governing performance bank guarantees in India in Part 1; the types of bank guarantees and character of such guarantees in Part 2; and …

India Contract Bank Liability State Rbi Terms
Arbitration Court Reckoner : August 2020
4 years, 3 months ago

Arbitration Court Reckoner : August 2020

Live Law  

By way of the present column, an attempt is made to briefly review the salutary judgments pronounced by the Courts in the month of August 2020 under the Arbitration & Conciliation Act, 1996. Test of Emergent Necessity for grant of relief under S. 9 In Avantha Holdings Ltd. v Vistra ITC India Ltd. High Court of Delhi held that the …

India Delhi Supreme Court High Court Arbitration Court Agreement
Performance Bank Guarantees: The Linchpin Of Commercial Transactions [Part-1]
4 years, 3 months ago

Performance Bank Guarantees: The Linchpin Of Commercial Transactions [Part-1]

Live Law  

This series of blog posts shall recount the law on evolution of performance bank guarantee in India. It shall cover the meaning of bank guarantee as distinguished from indemnity and letter of credit, and the legal framework governing performance bank guarantees in India in Part 1; the types of bank guarantees and character of such guarantees in Part 2; and …

India Contract Performance Indian Bank Liability Rbi
Delhi High Court Issues Notice On JMC's Petition Seeking Relief In Terms Of Atmanirbhar Bharat And Subsequent GOI Notifications [Read Order]
4 years, 4 months ago

Delhi High Court Issues Notice On JMC's Petition Seeking Relief In Terms Of Atmanirbhar Bharat And Subsequent GOI Notifications [Read Order]

Live Law  

On 12.08.2010, JMC Projects Ltd. entered into a contract with the Ministry of Health & Family Welfare for construction of AIIMS Hospital Complex at Bhopal – Package II. Relying on the same, JMC sought for release of its Bank Guarantees; however, the AIIMS Bhopal did not take any step to release the Bank Guarantees pursuant to the Atmanirbhar Bharat. Not …

Court Delhi High Court Bank Bank Guarantee Bank Guarantees Circulars Jmc