withdrawal of
the Special Leave Petition and indeed, the revocation of the bank
guarantee. The basis of the Respondent's opposition was that
Section ... bank guarantee furnished by the Appellant was not
in the nature of a performance bank guarantee but was a financial
guarantee, which falls within
However, he did not receive any
response, therefore various reminders for revocation of guarantee were sent to
the bank, but till date there ... appellant despite the fact that
the loan agreement contains revocation of guarantee on a notice to be served by
the bank. The learned counsel
petitioner-Company
challenging the impugned action of forfeiting bank guarantee vide Bank
Guarantee Revocation Notice dated 23.04.2024 (Annexure 11 to the writ
petition ... date of serving of the order dated
23.04.2024 failing which the Bank Guarantee would be forfeited.
5. According to learned counsel appearing for the petitioner
cases of Hindustan
Construction Limited9 that though invocation of Bank Guarantee
cannot be prohibited or injuncted, it is held to be a fit case where ... expressing his intention to revoke the Bank Guarantee before
revocation of Bank Guarantees."
11. The respondent challenged the aforesaid judgment dated 30
June
whereby the said Court had clearly observed/directed that
any revocation of Bank Guarantee would be subject to its
decision. However, despite the said observation ... extended, however it is made clear that any
revocation of Bank Guarantee will be subject to the
decision of the Tribunal
directing the Respondent No.
1 to 3 to allow the request of revocation made by the Petitioner by
way of Annexure P/4 and further ... letters to the
respondent No.1 Bank with a request for revocation of guarantee vide
letters dated 01.05.2017, 21.01.2018, 27.03.2018, 28.03.2019 and
28.09.2020, however
observed that the Petitioner has not yet approached
TPCODL for revocation of the bank guarantee.
7. Since TPCODL is already aware of the grievance ... Petitioner with regard to the revocation of the bank guarantee, this
writ petition is disposed of with a direction that a decision in that
regard
provided. The provision for reference is noted as
below:-
131. Revocation of continuing guarantee by
surety's death.--The death of the surety
operates ... absence of any contract to
the contrary, as a revocation of a continuing
guarantee, so far as regards future
transactions
(28) The law of contract
person to whom the guarantee is given is called
the "creditor". A guarantee may be either oral or written.
128. Surety ... Continuing guarantee". A guarantee which extends to a series
of transactions is called a "continuing guarantee".
130. "Revocation of continuing guarantee
High Court directed M/s. Oasis
Techno Pvt. Ltd. that the Bank Guarantee to the tune of Rs. 7.50 crores shall
be released ... released.
The applicant shall be at liberty to seek revocation of
the Bank guarantee/ modification of this condition in
case the arbitration proceedings
