https://www.taxtmi.com/caselaws?id=256487 The court dismissed the petition seeking restraint on invoking bank guarantees, totaling Rs. 3,39,56,750/-, as the petitioner failed to prove egregious fraud or irretrievable injury. The guarantees were deemed unconditional and irrevocable, obligating the bank to pay on demand. Despite allegations of financial difficulties and contractual breaches by the respondent, the court found no evidence of fraud or undue advantage. Consequently, the court lifted the stay on invoking the guarantees and ruled in favor of the respondent. en-us Wed, 10 Dec 2014 00:00:00 +0530 Sat, 14 Feb 2015 11:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256487 The court dismissed the petition seeking restraint on invoking bank guarantees, totaling Rs. 3,39,56,750/-, as the petitioner failed to prove egregious fraud or irretrievable injury. The guarantees were deemed unconditional and irrevocable, obligating the bank to pay on demand. Despite allegations of financial difficulties and contractual breaches by the respondent, the court found no evidence of fraud or undue advantage. Consequently, the court lifted the stay on invoking the guarantees and ruled in favor of the respondent. Case-Laws Indian Laws Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256487