Filing of surety
sakthi
(Querist) 30 August 2017
This query is : Resolved
My sincere thanks to one and all of the Experts for able guidance of my previous quarries. My friend has got the order of suspension from High court. The High Court has made a condition that the petitioners i.e. my friend and his wife has to execute a bond for Rs.1,00,000/- each with two sureties each for like sum to the satisfaction of the trial court., The sureties has no immovable assets. They had Fixed Deposit with banks. Whether bank guarantee is acceptable in place of sureties? If so, for how much sum the bank guarantee to be taken? Is there any specific format for this sureties form. Please oblige. With high regards.
Rajendra K Goyal
(Expert) 30 August 2017
Please discuss with local lawyer and concerned court whether they would be satisfied with the FD,s.
Bank guarantee is a bit costly process / periodical charges have to be paid and generally it has to be renewed periodically.
Better search for another surety.
Dr J C Vashista
(Expert) 31 August 2017
It is better to provide FDs as security.
Discuss with your lawyer who is competent enough to advise/guide you as circumstances need.
sakthi
(Querist) 31 August 2017
Much obliged by the reply of the Experts.
