2010 (10) TMI 289

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..... the part of the Respondents to return the bank guarantee within a reasonable period with proper endorsement thereon if the purpose of security over - bank guarantee can only be withheld subject to the order of the Competent Tribunal or Superior Court - Respondents to return the duly cancelled or discharged the bank guarantee to the Petitioner within a period of seven days – Penalty payable in cas .....

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..... t discharged. 5. Needless to mention that mere pendency of the Appeal filed by the Revenue cannot be a ground to refuse to return the bank guarantee, especially, when there is no financial recovery against the Petitioner as on date. The Respondents are put on notice that it is always obligatory on the part of the Respondents to return the bank guarantee within a reasonable period with proper end .....

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