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Kanchan Pal vs State Of Chhattisgarh on 22 August, 2017 cites

U.P. Co-Operative Federation Ltd vs Singh Consultants & Engineers (P) Ltd on 19 November, 1987

13. The Supreme Court in the matter of U.P. Cooperative Federation Ltd. v. Singh Consultants & Engineers (P) Ltd. 9 approved the observations of Lord Denning, M.R., that "a bank which gives a performance guarantee must honour that guarantee according to its terms. It is not concerned in the least with the relations between the supplier and the customer; nor with the question whether the supplier has performed his contractual obligation or not; nor with the question whether supplier is in default or not. The bank must pay according to its guarantee, on demand if so stipulated without proof or conditions."
Supreme Court of India Cites 11 - Cited by 469 - G L Oza - Full Document

M/S Bses Ltd. (Now Reliance Energy Ltd.) vs M/S Fenner India Ltd. & Anr on 3 February, 2006

In BSES Ltd. v. Fenner India Ltd. this Court held: (SCC pp. 733-34, para 10) "10. There are, however, two exceptions to this rule. The first is when there is a clear fraud of which the bank has notice and a fraud of the beneficiary from which it seeks to benefit. The fraud must be of an egregious nature as to vitiate the entire underlying transaction. The second exception to the general rule of non-intervention is when there are 'special equities' in favour of injunction, such as when 'irretrievable injury' or 'irretrievable injustice' would occur if such an injunction were not granted.
Supreme Court of India Cites 6 - Cited by 149 - Full Document

Pinj Sons (P) Ltd. vs Hong Kong & Shanghai Banking ... on 23 November, 1990

12.6) A Division Bench of the Delhi High Court in the matter of M/s. Punj Sons (P) Ltd. v. Hong Kong & Shanghai Banking Corporation and another7 after examining the decision of the Supreme Court and its own decisions observed, "... the basic principles that emerge on a resume of the case law on the subject are : firstly, that in any given case, what is of relevance is terms of the bank guarantee, and that in fact constitutes the only guiding factor ; and secondly, the next determining point would be the manner in which the bank guarantee had been invoked by the beneficiary, and in that context the terms of the demand letter assume great importance as well as significance."
Delhi High Court Cites 13 - Cited by 10 - B N Kirpal - Full Document

Hindustan Construction Co. Ltd vs State Of Bihar And Ors on 8 October, 1999

"7. Now, a Bank Guarantee is the common mode of securing payment of money in commercial dealings as the beneficiary, under the Guarantee, is entitled to realise the whole of the amount under that Guarantee in terms thereof irrespective of any pending dispute between the person on whose behalf the Guarantee was given and the beneficiary. In contracts awarded to private individuals by the Government, which involve huge expenditure, as for example, construction contracts, Bank Guarantees are usually required to be furnished in favour of the Government to secure payments made to the contractor as "Advance" from time to time during the course of the contract as also to secure performance of the work entrusted under the contract. Such Guarantees are encashable in terms thereof on the lapse of the contractor either in the performance of the work or in paying back to the "Government Advance", the Guarantee is invoked and the amount is recovered from the Bank. It is for this reason that the Courts are reluctant in granting an injunction against the invocation of Bank Guarantee, except in the case of fraud, which should be an established fraud, or where irretrievable injury was likely to be caused to the Guarantor. This was the principle laid down by this Court in various decisions.
Supreme Court of India Cites 11 - Cited by 245 - S S Ahmad - Full Document
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