What is the procedure outlined in Section 493 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS) when a surety becomes insolvent, dies, or when a bond is forfeited?
1
The Court or Magistrate will automatically cancel the original bond, and the person from whom the security was demanded will be immediately released from any further obligations.
2
The Court or Magistrate will only take action if the surety’s insolvency or death was due to fraud, otherwise no further action is required.
3
The Court or Magistrate may order the person from whom the security was demanded to provide fresh security in accordance with the original order, and if fresh security is not furnished, proceed as if there was a default in complying with the original order.
4
The Court or Magistrate will revise the terms of the original bond but will not require the provision of new security or take further action