To be submitted by the MANAGEMENT QUOTA Student
BANK GUARANTEE
THIS GUARANTEE is issued by __________________ (Bank), a body corporate
constituted under the ____________________________ Act 19__, having its
Head Office at ___________________________________ and Branch Office at
__________________, hereinafter referred to as “the BANK” (which expression
unless excluded by or repugnant to the subject or context shall be deemed
to mean and include its successors or successors-in-office and/or assigns)
in favour of IQ CITY FOUNDATION, a Society registered under the West
Bengal Societies Registration Act, 1961, having its registered office at 164/1,
Maniktala Main Road, Kolkata - 700054, hereinafter referred to as “the
SOCIETY” (which expression unless excluded by or repugnant to the subject
or context shall be deemed to mean and include its successors or
successors-in-office and/or assigns):
WHEREAS:
A. Mr./Ms. _______________________________________________________ son
/ daughter / wife of ____________________________________, residing at
_________________________________________________ (hereinafter
referred to as “the Student”) has been selected for admission to the
Post Graduate Medical Degree (MD/MS) Course for the academic
session commencing from Academic Year 2024 at IQ City Medical
College, Durgapur, a medical college being run by the Society, and
the Student is required to secure the Society in the sum of
Rs.54,00,000/-(Rupees Fifty Four Lacs) only, being fees for the year 2
and year 3 @ Rs. 27,00,000/- (Rupees Twenty Seven Lacs) only per
Year, details whereof are mentioned in the Annexure “A” hereto.
B. At the request of the said Student, the Bank is issuing this guarantee
in favour of the Society for the said sum of Rs.54,00,000/-(Rupees
Fifty Four Lacs) only.
NOW THIS DEED OF GUARANTEE WITNESSETH as follows:
1. We, the Bank abovenamed, at the request and desire of the Student,
do hereby irrevocably and unconditionally guarantee to pay a sum of
Rs.54,00,000/-(Rupees Fifty Four Lacs) only to the Society as a
security for due payment of the Fees by the Student to the Society as
hereinbefore stated. The Bank agrees and confirms that the said
guarantee shall be available as a security for meeting, satisfying,
discharging or fulfilling all or any obligation or liability of the Student
as directed and decided by Society, with no reference to the Student.
1.1 It is clarified that in the event of the Student making payment to the
Society of any installment of fees as per Annexure “A” or otherwise
and the Society notifying in writing to the Bank of such payment, the
Guarantee amount shall stand reduced to that extent.
2. The Bank hereby agrees that if in the opinion of the Society, the
Student has failed to make payment of any installment of fees, or has
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been or may become unable to meet, satisfy, discharge or fulfill any
obligation liability or commitment or any part thereof to the Society,
then without prejudice to the rights of the Society under its rules,
bye-laws or regulations or otherwise, the Society may at any time
thereafter and without giving any notice to the Student invoke this
guarantee to meet the aforesaid obligations, liabilities or
commitments of the Student.
2.1 It is clarified that in case the Obligor / Student quits or does not or is
unable to pursue or complete the said Course for any reason
whatsoever, then the Society may at any time thereafter and without
giving any notice to the Student invoke this guarantee and the Bank
shall make payment of the entire guarantee amount (or the residue
thereof as may remain) to the Society without any demur, protest or
contestation.
3. The Bank undertakes that it shall, on first demand of the Society,
without any demur, protest or contestation and without any reference
to the Student and notwithstanding any contestation by the Student,
pay to the Society the entire guarantee amount (or the residue thereof
as may remain) as may be demanded by the Society from time to
time. The decision of the Society as to the obligations or liabilities or
commitments of the Student and the amount claimed shall be final
and binding on the Bank, and any demand made on the Bank shall
be conclusive as regards the amount due and payable by the Bank
under this guarantee.
4. The guarantee shall be a continuing guarantee and remain operative
in respect of each of the obligations, liabilities or commitments of the
Student severally and may be enforced as such in the discretion of
the Society, as if each of the obligations, liabilities or commitments
had been separately guaranteed by the Bank. The guarantee shall not
be considered as cancelled or in any way be affected on any demand
being raised by Society but shall continue and remain in operation in
respect of all subsequent obligations, liabilities or commitments of the
Student. However the maximum aggregate liability of the Bank during
the validity of the guarantee shall be restricted to an aggregate sum of
Rs.54,00,000/-(Rupees Fifty Four Lacs) only.
5. Society shall be at liberty to vary, amend, change or alter any terms
or conditions or its rules or bye laws or regulations from time to time,
without thereby affecting its rights against the Student or the Bank
or any other security belonging to Student now or hereafter held or
taken by Society at any time. The discretion to make demands under
this guarantee shall exclusively be that of Society and Society is
entitled to demand hereunder notwithstanding being in possession of
any deposits or other securities of the Student.
6. The validity of this guarantee shall not be affected in any manner
whatsoever if Society takes any action against the Student including
declaration of a defaulter, suspension or expulsion of the Student.
7. This guarantee shall not be affected by any change to the constitution
of Society or the Bank and it shall remain in force notwithstanding
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any forbearance or indulgence that may be shown by the Society to
the Student.
8. The Bank undertakes to pay to the Society on simple demand, the
amount(s) hereby guaranteed immediately after being served with a
written notice(s) requiring the payment of the amount or any part
thereof either by hand delivery or by Registered Post or by Speed Post
or email without demur and without requiring the Society to invoke
any legal remedy that may be available to them to compel the Bank to
pay the same even if the Bank or the Student consider such demand
of the Society as unjustified.
9. This guarantee may be invoked by Society in part(s) or in full without
affecting its rights to invoke this guarantee for any liabilities that may
devolve later.
10. The Bank undertakes not to amend or revoke this guarantee or
reduce the amount during its currency except with the previous
consent of the Society in writing and this guarantee shall be a
continuous and irrevocable guarantee upto a sum of Rs.54,00,000/-
(Rupees Fifty Four Lacs ) only.
11. Notwithstanding anything mentioned herein above:
a) The liability of the Bank under this guarantee shall not exceed
Rs.54,00,000/-(Rupees Fifty Four Lacs )only.
b) This guarantee is valid upto 31st December, 2026.
c) The Bank is liable to pay the guaranteed amount or any part
thereof under this Bank Guarantee only if the Society serves
upon the Bank written claim(s) or demand(s) from time to time
either by hand delivery or by Registered Post or by Speed Post
or email, the last of such claims and demands to be made on
or before 31st March 2027.
12. This Bank Guarantee is subject to jurisdiction of Kolkata or any other
Court of competence in West Bengal.
IN WITNESS WHEREOF the Bank has executed this Guarantee on the
________ day of ____________ Two Thousand ____________ at _______________
through the duly authorised representative of the Bank.
SIGNED SEALED AND
DELIVERED on behalf of the
BANK by signature of authorised
representative of the Bank namely
_______________ (designation
address of the branch) at
__________ in the presence of:
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Annexure “A”
Amount payable by the MANAGEMENT QUOTA Student per Year
Due Date Amount Payable (Rs.)
15.11.2025 27,00,000/-
15.11.2026 27,00,000/-
