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1 - 10 of 10 (0.29 seconds)General Electric Technical ... vs Punj Sons (P) Ltd. And Another on 7 August, 1991
Ltd. , General Electric Technical Services Company Inc. v. Punj Sons (P) Ltd. (supra) and Ansal Engineering Projects Ltd. v. Tehri Hydro Development Corporation Ltd. , in support of his contentions are of no help in the context of the present case. It is true, as already stated supra, the courts have made an exception in the matter of issuing injunction against encashing unconditional bank guarantee in the case where fraud is established or at least prima facie fraud is shown. Since the appellant has failed to establish fraud, its case will not fall in one of the two excepted categories.
Association Of Corporation & Apex ... vs State Of Bihar & Anr. on 1 September, 1999
In the case of Association Corporation and Apex Societies of Handlooms v. State of Bihar, , the terms and conditions for invocation of bank guarantee are mentioned only in the main contract and not in the bank guarantee. The Delhi High Court has held that the guarantee amount was to be paid by the bank without any demur or protest.
Federal Bank Ltd vs V.M Jog Engineering Ltd. And Ors on 29 September, 2000
9. The law relating to encashment of the bank guarantees and the circumstances under which a court can issue injunction against encashment of bank guarantees has been crystalised by a catena of decisions of the Supreme Court and High Courts. It is well settled that, the courts ought not to grant injunction restraining the encashment of bank guarantees or letter of credits except on two grounds-(i) fraud and (ii) irretrievable damage. The Supreme Court in the case of Federal Bank Ltd. v. V. M. Jog Engineering Ltd. [2001] 106 Comp Cas 267, 287; [2001] 1 SCC 663 has held as follows :
Ansal Engineering Projects Ltd vs Tehri Hydro Development Corporation ... on 31 July, 1996
Ltd. , General Electric Technical Services Company Inc. v. Punj Sons (P) Ltd. (supra) and Ansal Engineering Projects Ltd. v. Tehri Hydro Development Corporation Ltd. , in support of his contentions are of no help in the context of the present case. It is true, as already stated supra, the courts have made an exception in the matter of issuing injunction against encashing unconditional bank guarantee in the case where fraud is established or at least prima facie fraud is shown. Since the appellant has failed to establish fraud, its case will not fall in one of the two excepted categories.
Article 3 in Constitution of India [Constitution]
Article 4 in Constitution of India [Constitution]
U.P. Co-Operative Federation Ltd vs Singh Consultants & Engineers (P) Ltd on 19 November, 1987
22. The decisions cited by learned counsel for the appellant, in the case of U.P. Co-operative Federation Ltd. v. Singh Consultants and Engineers (P.)
Hindustan Steelworks Construction Ltd vs Tarapore & Co. & Anr on 9 July, 1996
13. The judgment of the Supreme Court in the case of Hindustan Steelworks Construction Ltd. v. Tarapore and Co. , is a binding authority to state that the bank guarantee is an independent and distinct contract between the bank and the beneficiary and is not qualified by the underlying transaction and the primary contract between the person at whose instance the bank guarantee is given and the beneficiary. In other words, in the case of unconditional bank guarantee, the nature of obligation of the bank is absolute and not dependent upon any dispute or proceeding between the party at whose instance the bank guarantee is given and the beneficiary. The Supreme Court in the above case, in paras. 14 and 23 held as follows (pages 354 and 360) :
Hvs Technologies Inc., United States Of ... vs Aeronautical Development Agency ... on 4 April, 2001
15. Further this court in the case of HVS Technologies Inc., United States of America v. Aeronautical Development Agency (ADA), Bangalore [2001] 4 Karn LJ 211 has held that the right of beneficiary of guarantee to recover guaranteed amount cannot be stayed pending arbitration and bank cannot be restrained from honouring its obligation.
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