https://www.taxtmi.com/caselaws?id=306145 In a dispute concerning non-payment under an unconditional bank guarantee and the bank's conduct, the HC did not adjudicate the appeal on merits because it was dismissed for default. On the cross-objection, the Court noted the sequence of events arising from the contract, invocation of the guarantee, and proceedings under Section 9 of the Arbitration and Conciliation Act, 1996. Finding the bank's conduct warranted regulatory scrutiny, the Court directed the Reserve Bank of India to consider what action, if any, should be taken against the bank, including the question of revocation of its licence or authority to carry on banking business. en-us Mon, 10 Feb 2020 00:00:00 +0530 Thu, 12 Jan 2023 21:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306145 In a dispute concerning non-payment under an unconditional bank guarantee and the bank's conduct, the HC did not adjudicate the appeal on merits because it was dismissed for default. On the cross-objection, the Court noted the sequence of events arising from the contract, invocation of the guarantee, and proceedings under Section 9 of the Arbitration and Conciliation Act, 1996. Finding the bank's conduct warranted regulatory scrutiny, the Court directed the Reserve Bank of India to consider what action, if any, should be taken against the bank, including the question of revocation of its licence or authority to carry on banking business. Case-Laws Indian Laws Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306145