dated 13th December, 2011 requested the Union Bank of India, Punjab National
Bank and Indian Bank of India and not to act on the notice ... letters addressed
by respondent no.1, those banks refused to pay amount under those unconditional
bank guarantee to the petitioner.
36. Learned senior counsel submits
million. The KSS therefore did not issue performance bank guarantee
(PBG) of 12.2% i.e. US$ 2.9 million. It is the case of KSS that ... banks from releasing any payment under bank guarantees issued by banks
in favour of one of the party to the Arbitration Agreement though such
banks
subject matter can perhaps be in the form of providing a bank
guarantee. However, a direction of that nature at an interlocutory
stage would indeed ... directing the provision of security in the form of a bank
guarantee in relation to a speculative claim for damages.
20. In Shin Satellite Public
form
of Two Bank Guarantees as per details given below towards
performance under this CONTRACT.
a) Performance Bank Guarantee ... Valid upto 11/11/2007 from
Central Bank of India, Devnar Br. Mumbai.
b) Performance Bank Guarantee No.28/42 dt.16/10/06
amounting
respondent to release the pending payment and to
execute the bank guarantee. On 3rd January, 2001, the said DLF
Universal Limited (DUL) furnished a bank ... petitioner i.e. Central Bank of India directing them to extend the
validity of the bank guarantee for further periods ranging from three
this Court, the Court was considering the validity period of a bank
guarantee. The facts of that case were totally different and the said
judgment
contract amount in the form of a bank guarantee dated 2 nd
June 1998 as per the terms of the contract with the petitioner ... bank
guarantees since dues of the respondent were not paid by the petitioner.
The respondent also requested the petitioner to return the bank guarantee
which
January, 2002 addressed to
M/s.United Western Bank, Mumbai sought further extension of the bank guarantee
with a condition that if the same ... payment
of any bank guarantee charges made to bank who had furnished the bank guarantee
on behalf of the respondent.
The learned arbitrator has allowed
such six bank guarantees, five bank guarantees were
furnished by the petitioner towards mobilization advance and one bank
guarantee was furnished towards retention money ... bank guarantees were absolutely unconditional
and the respondents being beneficiaries under such bank guarantees having
made demand in terms of the bank guarantees, the bank
date.
Sr. Tender Name of Bank Amount of Bank Bank Extende
No. No. Bank Guarant Guarant d last
Guarantee ee Date ee No. date ... bank guarantees, the
bank was liable to pay the amount under the said bank guarantees to
the petitioners. Neither the bank nor the respondents could
