Eit Services India Private Limited vs India Post Payments Bank Limited & Anr. on 18 September, 2023
54. Special equities, as held by the Supreme Court in U.P. State
Sugar Corpn. v. Sumac International Ltd., (1997) 1 SCC 568 and
in Svenska Handelsbanken v. Indian Charge Chrome, (1994) 1 SCC
502, have to partake the character of irretrievable injustice. Even
otherwise, it cannot be said that any such case of special equities
has been made out by the petitioner, as would justify interdicting
invocation of the subject bank guarantees. Indeed, the contentions
of learned Senior Counsel for the petitioner essentially
revolved around compliance with the conditions stipulated in
the bank guarantee for transfer of the guaranteed amount to the
credit of HPL, and on the aspect of irretrievable injustice."