Bombay High Court
Apar Industries Limited vs Export Import Bank Of India on 17 January, 2023
Author: R.I. Chagla
Bench: R.I. Chagla
2-IAL-224-23.doc
Sharayu Khot.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 224 OF 2023
IN
COMMERCIAL SUIT (L) NO. 222 OF 2023
Apar Industries Ltd. ...Applicant/
Plaintiff
Versus
Export Import Bank of India & Anr ...Defendants
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Mr. Mustafa Doctor, Senior Counsel, Mr. Jehangir Jejeebhoy, Mr.
Areez Gazdar and Ms. Juhi Bahirwani i/b. Veritas Legal for the
Applicant / Plaintiff.
Ms. Manaswi Agrawal, Mr. Mahesh Dube i/b. Meraki Chambers for
Defendant No.1 - EXIM Bank.
Ms. Madhura Kulkarni a/w Mr. Hafeez Patanwala i/by Juris Corp for
the Defendant No. 2.
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CORAM : R.I. CHAGLA J
DATE : 17 January 2023
ORDER :
1. This Interim Application has been placed today in view of the order dated 6th January 2023, which had recorded the submission of Mr. Mustafa Doctor, learned Senior Counsel, on behalf 1/3 ::: Uploaded on - 20/01/2023 ::: Downloaded on - 21/01/2023 04:40:05 ::: 2-IAL-224-23.doc of the Applicant that in view of the communication by SFMS from the Defendant No. 2 to the Defendant No. 1 read with letter dated 3rd January 2023, it was clear that 14 days from the date of signing of letter by the beneficiary, the beneficiary will not take legal action in connection with the demands for payments under the Bank Guarantee in order to allow the subcontractor, who is the Plaintiff herein, to extend the validity of Bank Guarantee to 2031. The 14 days period which had commenced from the date of signing of the letter dated 3rd January 2023 expired today and accordingly, the matter has been placed today.
2. Mr. Doctor submits that the validity of counter Bank Guarantee to 2031 has been extended as per request of the beneficiary.
3. The learned Advocate appearing for the Defendant No. 2 states that an email has been sent by the beneficiary of the bank guarantee to the Defendant No. 2, wherein it is stated that the demand under bank guarantee for extention by consent of the beneficiary is till 23rd January 2023. Statement is accepted. 2/3 ::: Uploaded on - 20/01/2023 ::: Downloaded on - 21/01/2023 04:40:05 :::
2-IAL-224-23.doc
4. Internal email dated 17th January 2023 attached with letter received from the beneficiary dated 16th January 2023 to that effect is taken on record and marked "X" for identification.
5. In view thereof, Interim Application is stood over to 20th January 2023.
6. Defendant No. 2 to take instructions as to whether the beneficiary of the bank guarantee is further demanding invocation of the bank guarantee considering that the beneficiaries request has been complied with. The corresponding counter guarantee is kept in abeyance by the order of this Court.
[R.I. CHAGLA J.] 3/3 ::: Uploaded on - 20/01/2023 ::: Downloaded on - 21/01/2023 04:40:05 :::