https://www.taxtmi.com/caselaws?id=460299 Unconditional bank guarantees are ordinarily enforceable according to their terms, but ad interim injunction may be granted in exceptional cases of clear fraud, special equities, or irretrievable injury. Applying that settled rule, the Delhi HC treated the nationwide COVID-19 lockdown as prima facie force majeure, noted that work had continued until the lockdown intervened, and found that restrictions materially disrupted personnel movement and drilling operations. On those materials, the Court accepted a prima facie case for special equities and a risk of irretrievable prejudice, and restrained invocation and encashment of the bank guarantees pending further hearing. en-us Mon, 20 Apr 2020 00:00:00 +0530 Sat, 18 Jan 2025 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460299 Unconditional bank guarantees are ordinarily enforceable according to their terms, but ad interim injunction may be granted in exceptional cases of clear fraud, special equities, or irretrievable injury. Applying that settled rule, the Delhi HC treated the nationwide COVID-19 lockdown as prima facie force majeure, noted that work had continued until the lockdown intervened, and found that restrictions materially disrupted personnel movement and drilling operations. On those materials, the Court accepted a prima facie case for special equities and a risk of irretrievable prejudice, and restrained invocation and encashment of the bank guarantees pending further hearing. Case-Laws Indian Laws Mon, 20 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460299