Law:

Section:

Supreme Court Rules, 1980-----OXX, R.1 & O. XXXIII, R.6---Application for clarification of by Supreme court---Operation of was suspended subject to deposit of amount awarded---Amount deposited could be taken by land-owner on his furnishing security to the satisfaction of Execution Court to the extent of one half of the amount withdrawn and for the rest on furnishing Bank guarantee ---Land­owner submitted Bank guarantee and a surety bond---Executing Court rejected Bank guarantee being not from a Scheduled Bank and was valid upto a required period---Supreme Court clarified its order and directed that Bank guarantee from a non-scheduled Bank would be accepted if it was proved that Bank would be able to meet its liability under the guarantee by taking into consideration its paid-up capital, reserved funds and liabilities for which examination of latest annual balance-sheet would be necessary---Executing Court was to satisfy itself that guarantee was duly and validly executed on behalf of Bank in accordance with its Memorandum and Articles of Association---Object of taking guarantee stated. The object of taking guarantee, is that in case of success of the appeal fully or partly, the appellants should be able to get back their money wholly or partly in accordance with the order which may be passed by this Court. It is, therefore, the duty of the Court to see that the Bank by which the guarantee is being furnished, has resources to meet the liability thereunder if called upon to do so by the Court and this could be done by examining its paid-up capital, reserved funds and assets and liabilities as reflected by its last year's or current year's interim balance sheet or the latest balance sheet, if any. (b) Bank Guarantee--- --- Object of taking of Bank guarantee. (c) Security--- --- Security has to be free from any encumbrances and satisfy the Court objectively---Security should be such as is easily disposable and amount secured under it conveniently realizable. ORDER NAIMUDDIN, J.--This is an application under Order 33 Rule 6 of the Rules of this Court seeking clarification of the order dated 4-3-1989 and/or direction for the implementation thereof. 2. The…

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