Board Of Control For Cricket In India vs Nimbus Communications Ltd. And Neo ... on 3 September, 2015
74. The question that arises for consideration of this court is whether
amount of Rs.400 crores in the hands of the petitioner could be construed as a
security which can be enforced by the petitioner in the event of the petitioner
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This Order is modified/corrected by Speaking to Minutes Order dated 04/09/2015
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succeeding in the arbitral proceedings and such amount would be available for
attachment and for recovery of the awarded sum. Similarly issue has arisen
between the parties in the Arbitration Petition (L) No.1449 of 2015 in case of
Board of Control for Cricket in India vs. Nimbus Communications Ltd. This court
by an order dated 12th August, 2015 has considered this issue and has taken a prima
facie view that in view of the letters addressed by the respondent no.1 to those
three banks not to permit encashment of those bank guarantees, the banks did not
allow the petitioner to encash those three banks guarantees, though the same were
unconditional bank guarantees.