Delhi High Court - Orders
Kristal Vision Projects Pvt. Ltd vs Union Of India Through: Director ... on 10 March, 2021
Author: Sanjeev Narula
Bench: Sanjeev Narula
$~24
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(I) (COMM.) 97/2021
KRISTAL VISION PROJECTS PVT. LTD ..... Petitioner
Through: Mr. Arvind Minocha, Mr. Mukesh
Kumar and Mr. Rama Varma,
Advocates.
versus
UNION OF INDIA THROUGH: DIRECTOR GENERAL M.A..P &
ANR. ..... Respondents
Through: Mr. Rakesh Kumar, CGSC with
Mr. Raghav Nagar, Advocate.
CORAM:
HON'BLE MR. JUSTICE SANJEEV NARULA
ORDER
% 10.03.2021 I.A. 3814/2021 (for exemption)
1. Allowed, subject to all just exceptions.
2. The application is disposed of.
O.M.P.(I) (COMM.) 97/2021 & I.A. 3815/2021 (stay)
3. The present petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeks interim order with the following effect: -
"a) Restrain the Respondent from encashing the three retention money Bank Guarantee. The details of BG are Nos. (1) FEOIBGP163430001; (2) FEOIBGP163430002 & (3) FEOIBGP163430003 for Rs.1.00 crore each of Karur Vysya Bank Ltd., Plot No.265, J. Keerthi Mansion, Road No.10, Jubilee Hills, Hyderabad;
b) Restrain Respondent No.2, Karur Vysya Bank Ltd., Hyderabad, from making payment to the Respondent No.1 under Signature Not Verified Digitally Signed By:SAPNA SETHI Signing Date:16.03.2021 14:27 any of the aforesaid bank guarantees.
c) Direct the Respondents to discharge and return the said Bank Guarantees to the Petitioner"
4. During the course of the arguments, the learned counsel for the Petitioner submits that the bank guarantees in question were valid up to 30th June, 2020 and the invocation thereof by the Respondents dated 11th February, 2021 is beyond the expiry. The Standing Counsel for the Respondent submits that he has instructions to say that, the Respondents would not encash the bank guarantees of Rs. 3 Crores if the Petitioner keeps them validated till finalization of the final bill.
5. In view of the aforesaid statement made by the Standing Counsel for the Respondents, the learned counsel for the Petitioner on instructions submits that, without prejudice to his rights and contentions, the Petitioner is willing to renew the bank guarantees. He however, submits that, the Respondents should be directed to process the final bill expeditiously.
6. In view of the aforesaid, without going into the merits of the contentions urged in the present petition, the present petition is disposed with a direction to the Petitioner to renew the three bank guarantees of Rs. 1 Crore each, details whereof are as under: -
"Nos. (1) FEOIBGP163430001; (2) FEOIBGP163430002 & (3) FEOIBGP163430003 for Rs.1.00 crore each of Karur Vysya Bank Ltd., Plot No.265, J. Keerthi Mansion, Road No.10, Jubilee Hills, Hyderabad;"
7. The Petitioner shall extend the aforesaid bank guarantees for a term of Signature Not Verified Digitally Signed By:SAPNA SETHI Signing Date:16.03.2021 14:27 one year, within a period of one week from today. The renewed bank guarantees shall be furnished to the Respondents within a period of three days from the date of renewal. The statement made by the Central Government Standing Counsel, noted above is accepted and the Respondents are held bound by the same.
8. The Court further directs the Respondents to finalize the final bill within a period of four months from today. The Petitioner shall provide all the necessary documents and information as is required by the Respondents towards finalization of the bill.
9. It is made clear that the Court has not examined the merits of the contentions of either parties and thus all the rights and contentions of the parties are left open.
10. The petition is disposed of in the aforesaid terms.
SANJEEV NARULA, J MARCH 10, 2021 nk Signature Not Verified Digitally Signed By:SAPNA SETHI Signing Date:16.03.2021 14:27