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Search Results for "performance bank guarantee"

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High Court

Bombay High Court Allows Unsuccessful Party's Section 9 Petition in Arbitration Dispute — Maintainability Upheld After Supreme Court's Home Care Retail Marts Judgment. The court held that a losing party can seek interim measures under Section 9 of the Arbitration and Conciliation Act, 1996, overruling the earlier Division Bench decision in Dirk India.

6 May 2026

The judgment arises from a Commercial Arbitration Petition filed by Oil and Natural Gas Corporation Limited (ONGC) against Larsen & Toubro Limited (L&...

High Court

Bombay High Court Decrees Suit in Favour of Financial Advisor in Commercial Summary Suit for Professional Fees — Interpretation of Mandate Letter Options for Success Fee on Cash Sales of NPAs. Court holds that where the Bank exercised option of 100% cash sales, the Financial Advisor is entitled to success fee at the higher rate of 0.50% on cash received, as per option (a) of the Mandate Letter dated 1 July 2017.

25 Feb 2025

The Plaintiff, Special Situation Advisors (India) Pvt. Ltd., a company registered under the Companies Act, 1956, engaged in providing financial adviso...

High Court

Bombay High Court Grants Interim Stay on Personal Guarantee Enforcement in CDR Failure Case — Deed of Guarantee Held Not Enforceable Due to Conditional Nature and Subsequent Termination Events. The court found that the guarantee was conditional upon CDR sanction and automatically terminated upon CDR failure and the guarantor's resignation, making it unenforceable against the personal guarantor.

14 Dec 2024

The Plaintiff, Deepen Arun Parekh, filed a suit seeking a declaration that the Deed of Guarantee dated 10 April 2014 executed by him in favour of the ...

Supreme Court

Supreme Court Allows Appeals by State Bank of India in Jet Airways Insolvency Case — Holds Performance Bank Guarantee Cannot Be Adjusted Against Resolution Plan Payment and Non-Implementation Leads to Liquidation. The Court ruled that the SRA's failure to pay airport dues and employee dues constituted non-implementation of the Resolution Plan under Section 33(3) IBC, 2016, and the PBG cannot be set off against the first tranche payment.

13 Nov 2024

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Limited, initiated by State Bank of India (SBI) under S...

High Court

Bombay High Court Allows Petition to Refer Dispute to Arbitration in Bank Guarantee Case — Arbitration Agreement Survives Despite Non-Signature of Work Order. The court held that an arbitration agreement need not be signed if there is sufficient evidence of mutual acceptance, and the work order was acted upon by both parties.

30 Sep 2020

The petitioner, M/s Indo Unique Flame Ltd., filed a writ petition challenging the order dated 18th January 2018 passed by the Commercial Court, Nagpur...

High Court

Bombay High Court Dismisses Appeal Against Refusal to Injunction Bank Guarantee Invocation in Development Dispute. Court holds that bank guarantee is an independent contract and injunction can only be granted on grounds of fraud or irretrievable injustice, not mere breach of underlying contract.

12 Aug 2020

The appeal arose from a commercial suit where the appellant, Kryshnajay Developers Pvt. Ltd., sought a temporary injunction to restrain the respondent...

High Court

Bombay High Court Dismisses Petition to Restrain Bank Guarantees in Construction Contract Dispute. Court holds that invocation of bank guarantees cannot be injuncted except in cases of fraud or irretrievable injustice, and no such case was made out.

2 Apr 2019

The petitioner, Ahluwalia Contracts (India) Ltd., filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim reli...

High Court

Bombay High Court Dismisses Suit for Lack of Jurisdiction in Bank Guarantee Dispute — Exclusive Jurisdiction Clause in Contract Confers Jurisdiction on Chennai Courts. Plaintiff L&T's Suit Challenging Invocation of Performance Bank Guarantee Dismissed as Bombay High Court Has No Territorial Jurisdiction.

29 Feb 2016

The plaintiff, Larsen & Toubro Limited (L&T), filed a suit in the Bombay High Court seeking a declaration that the invocation of a Performance Bank Gu...

High Court

Bombay High Court Dismisses Appeal Against Refusal to Injunction Bank Guarantees in Arbitration Dispute. Performance Guarantees Are Independent Contracts and Cannot Be Restrained Except in Case of Fraud or Irretrievable Injustice.

9 Jun 2015

The appellant, M/s S. Satyanarayana & Co., a partnership firm, was awarded a contract by respondent no.1, M/s West Quay Multiport (Private Limited), f...

High Court

High Court of Bombay Dismisses Plaintiff's Suit Challenging Invocation of Counter Guarantee in Port Development Project. Court holds that fraud must be established against the beneficiary, not a third party, and that invocation of a counter guarantee is not fraudulent merely because the underlying contract is disputed.

5 Oct 2012

The plaintiff, M/s. ABG Ports Limited, filed a suit seeking a declaration that the Joint Bidding Agreement (JBA), the Counter Guarantee, and its invoc...

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