alleged agreement, was not only
required to furnish the bank guarantee in order to secure the said advance
of Rs. 78,00,000/- (Rs. Seventy ... Seventy-Eight
Lacs only) without furnishing the bank guarantee in specific violation of the
terms and conditions stipulated in the alleged agreement by colluding with
main contract and the contract of
guarantee) as also for the reason that there is a specific reference to the
main contract in the agreement ... loan-cum-hypothecation agreement and the deed of
guarantee did not contain any specific arbitration clause. The learned
Single Judge of this court hearing
guarantee to the defendant No.l of an amount of
€794,190.37 equivalent to Rs.5,97,00,000 approximately.
The said bank guarantee ... defendant No.3. The performance bank guarantee
provided by the plaintiff, was a conditional bank guarantee
having specific terms and conditions. Defendant No.3
confirmed
Renewal of existing guarantee limit of
Rs.8.71 crore and specific bank guarantee limit of
Rs. 54.75 crore with existing rate of processing
contesting respondents, which was pledged and
mortgaged by them as guarantee. A specific assurance had been given
by the Directors of the 'Corporate Debtor ... Crores has been paid by the contesting respondents
pursuant to Contract of Guarantee. Thereby, the payment has been made
Company Appeal (AT) (Insolvency
demand in whose favour Bank Guarantee is issued,
entitled to encash / invoke the Bank Guarantee unless there are
specific averments and allegations of fraud ... encashing the bank guarantee. The mere
fact that the bank guarantee refers to the
principal agreement without referring to any
specific clause in the preamble
rentals;
renewal of existing guarantee limit of Rs.8.71 crore; specific bank
guarantee of Rs.54.75 crores; continuation of existing rate of interest
Bank Guarantee is being tendered
by this appellant worth Rs.3.71 Crores.
2) This appellant is, hereby, directed to submit this Bank Guarantee ... Bank Guarantee
upon an application preferred by this appellant.
4) The Registrar General is, hereby, directed not to accept any Bank
Guarantee without specific order
bank guarantee is an
independent contract between the guarantor Bank and the
guarantee appellant. The guarantee is unconditional, no
doubt, the performance guarantee is against ... respondent. But between the
bank and the appellant, the specific condition incorporated
in the bank guarantee is that the decision of the appellant
Asst Cit (Ltu) 2, Mumbai vs Reliance Industries Ltd, Mumbai on 28 September, 2018
IN
