Irrevocable bank guarantee and fresh tribunal reconsideration granted with a stay on further proceedings.

Time was allowed for furnishing an irrevocable bank guarantee, and the appellate tribunal was directed to reconsider the matter afresh in light of that assurance. Further proceedings were stayed pending such reconsideration, preserving the status quo until the tribunal reviewed the case. Liberty was reserved to the respondents to seek recourse if aggrieved by the ex parte order. The operative effect was interim relief through fresh consideration by the tribunal and a stay of further proceedings.

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Issues: Whether time could be granted to furnish an irrevocable bank guarantee and the matter be reconsidered by the appellate tribunal, with further proceedings stayed in the meantime.

Analysis: The appellant offered to furnish an irrevocable bank guarantee within three weeks, and the tribunal was requested to examine the matter afresh in the light of that assurance. Pending such reconsideration, further proceedings were directed to remain stayed. Liberty was reserved to the respondents to approach the Court if aggrieved by the ex parte order.

Outcome: Interim relief was granted by directing fresh consideration by the tribunal and staying further proceedings.

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