Leave to correct the name of respondent No.1 and leave to add the prayer clause.
This case was mentioned in the morning where the counsel for the petitioner has expressed urgency as huge financial matter was involved. The case was ordered to be circulated today.
The subject matter of this petition is the bank guarantee document dated 7.8.2008 by which an independent contract of bank guarantee between the petitioner and the respondent No.1 on one hand and the respondent No.2 on the other-hand has been entered into. Initially, the guarantee was for a sum of Rs.17,39,50,000/- which was subsequently modified and reduced to Rs.13,37,70,000/- and the period of validity of this document was extended upto 3.7.2011 and thereafter to 3.1.2012. As per the learned counsel for the petitioner, the guarantee could be invoked by the respondent No.1 and the respondent No.2 was obliged to permit to such invocation only to satisfy the claim of the respondent No.1 towards any loss or damage. It is submitted that the petitioner has approached the trial court for settlement of his claims in which the application for injunction was also filed. The notice in this application was issued by the trial court and the same is kept for orders on 17.1.2012. However, during the pendency of the application, the respondent No.2 has handed over the demand draft to the court for the amount of bank guarantee in favour of the respondent No.1.
Notice returnable on 18.1.2012. Till then, the amount of bank guarantee in favour of the respondent No.1 shall remain with the court and will not be handed over to the respondent No.1 Direct service is permitted today.
(Mohinder Pal,J) pathan Top