If the said guarantee declaration had been executed by the respondent in breach of any provisions of FEMA or FERA, the respondent could be prosecuted for the same. But, it could not be said that the guarantee was null, void or could not be enforced on that ground.
There was no doubt that a debt was owed by the respondent to the petitioner and, further the petitioner did not have to wait to obtain a decree from civil court on the basis of the guarantee declaration.
[2011] 106 SCL 433 (delhi)
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