https://www.taxtmi.com/caselaws?id=309436 Bank guarantees must be enforced strictly according to their own terms. The court treated the six guarantees as unconditional, holding that invocation was valid because the beneficiary's demand matched the contractual wording and the bank could not enter the underlying dispute; allegations of fraud, special equities and irretrievable injustice were insufficient to restrain encashment. By contrast, the two advance payment guarantees were conditional, and their invocation failed because the required preconditions, including a proper demand for repayment and refusal by the contractor, were not shown. Relief was therefore confined to protecting the conditional guarantees, while restraint was declined for the remaining guarantees. en-us Wed, 03 Sep 2014 00:00:00 +0530 Sat, 02 Sep 2023 21:13:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309436 Bank guarantees must be enforced strictly according to their own terms. The court treated the six guarantees as unconditional, holding that invocation was valid because the beneficiary's demand matched the contractual wording and the bank could not enter the underlying dispute; allegations of fraud, special equities and irretrievable injustice were insufficient to restrain encashment. By contrast, the two advance payment guarantees were conditional, and their invocation failed because the required preconditions, including a proper demand for repayment and refusal by the contractor, were not shown. Relief was therefore confined to protecting the conditional guarantees, while restraint was declined for the remaining guarantees. Case-Laws Indian Laws Wed, 03 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309436