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Showing contexts for: revocation of guarantee in M/S.3M India Limited vs M/S.Icorrpro Projects India Limited on 6 November, 2015Matching Fragments
Heard.
2. The petitioners herein have come forward with this Civil Revision Petition challenging the impugned order passed on 23.09.2015 in I.A.No.13931 of 2015 in O.S.No.5516 of 2015 by the II Assistant Judge, City Civil Court, Chennai. For convenience sake, the parties are referred to here under according to their litigative status before the trial Court.
3. It is stated in this Civil Revision Petition that the 1st respondent herein/plaintiff filed a suit in O.S.No.5516 of 2015 for bare injunction restraining the 1st and 2nd defendants/petitioners herein from encashing the conditional and revocable Bank Guarantee No.KE31BGF143240003 dated 20.11.2014 for a sum of Rs.25,00,000/- (Rupees Twenty Five Lakhs Only) in favour of the first defendant.
9. I have considered the rival submissions of both sides and perused the typed set of papers.
10. The first respondent herein/plaintiff filed a suit in O.S.No.5516 of 2015 for bare injunction restraining the 1st and 2nd defendants/petitioners herein from encashing the conditional and revocable Bank Guarantee No.KE31BGF143240003 dated 20.11.2014 for a sum of Rs.25,00,000/- (Rupees Twenty Five Lakhs Only) in favour of the first defendant. The plaintiff also filed an I.A.No.13931 of 2015 seeking interim injunction restraining the third defendant/2nd respondent herein, from releasing the Bank Guarantee No.KE31BGF143240003 dated 20.11.2014 for a sum of Rs.25,00,000/- in favour of M/s.3M India Limited, the 1st and 2nd defendants.