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SC held that bank guarantees are critical commercial instruments generally enforceable without interference. The Court restrained encashment of the bank guarantee pending arbitration proceedings, directing the Commercial Court to adjudicate the Section 9 petition within eight weeks. The interim order protects both parties' interests by maintaining the bank guarantee's status quo until final determination of the underlying dispute. The Court emphasized that judicial intervention in bank guarantee invocation is permissible only in cases of egregious fraud or irretrievable injustice. The arbitration proceedings shall proceed expeditiously, with parties directed to present comprehensive arguments and supporting documentation.
SC held that bank guarantees are critical commercial instruments generally enforceable without interference. The Court restrained encashment of the bank guarantee pending arbitration proceedings, directing the Commercial Court to adjudicate the Section 9 petition within eight weeks. The interim order protects both parties' interests by maintaining the bank guarantee's status quo until final determination of the underlying dispute. The Court emphasized that judicial intervention in bank guarantee invocation is permissible only in cases of egregious fraud or irretrievable injustice. The arbitration proceedings shall proceed expeditiously, with parties directed to present comprehensive arguments and supporting documentation.
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