https://www.taxtmi.com/caselaws?id=307016 The court upheld the order directing the appellant to provide an additional bank guarantee of Rs. 7.60 crores and maintain the existing bank guarantee of Rs. 9 crores until further orders by the arbitral tribunal. It emphasized that bank guarantees are independent contracts, allowing the beneficiary to enforce them regardless of underlying disputes. The court found the respondent's actions fraudulent, justifying the appellant's request to restrain encashment. The appeal was disposed of with directions for the bank guarantees, leaving further decisions to the arbitral tribunal, maintaining equity between the parties, and no costs were awarded. en-us Fri, 24 Sep 2010 00:00:00 +0530 Mon, 13 Mar 2023 16:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307016 The court upheld the order directing the appellant to provide an additional bank guarantee of Rs. 7.60 crores and maintain the existing bank guarantee of Rs. 9 crores until further orders by the arbitral tribunal. It emphasized that bank guarantees are independent contracts, allowing the beneficiary to enforce them regardless of underlying disputes. The court found the respondent's actions fraudulent, justifying the appellant's request to restrain encashment. The appeal was disposed of with directions for the bank guarantees, leaving further decisions to the arbitral tribunal, maintaining equity between the parties, and no costs were awarded. Case-Laws Indian Laws Fri, 24 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307016