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Bank guarantee

(Querist) 06 November 2017 This query is : Resolved 
An existing borrower who avail cash credit facility . He request bank to issue bank guarantee to a tractor company. Later Bank issued bank guarantee to the tractor company. Now can Bank withdrawal Bank Gaurantee within claim period?
Ms.Usha Kapoor (Expert) 06 November 2017
Bank canot withdraw bank guarantee before expiry of claim period.Click the following link for furthe information on this issue.
https://www.bankingschool.co.in/loans-and-advances/all-about-time-limit-for-enforcement-of-bank-guarantees/
Rajendra K Goyal (Expert) 06 November 2017
Bank can not withdraw issued Bank Guarantee before time till all parties to the guarantee agree to it.
Dr J C Vashista (Expert) 07 November 2017
Well advised by experts I agree.
Nasim (Querist) 07 November 2017
If borrower wants to withdraw BG, then what will be procedure to withdraw BG from tractor company.
Rajendra K Goyal (Expert) 07 November 2017
As stated above, consent of beneficiary of the BG is essential.
Nasim (Querist) 07 November 2017
Thank you Sir


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