2021 (5) TMI 1082

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....iv Chopra, Advocates Respondents: Mr. Apoorv Kurup, CGSC with Ms. Nidhi Mittal & Mr. Syed Hussain Adil Taqvi, Advocates. ORDER 1. This hearing has been done through video conferencing. 2. The present petition has been filed by the Petitioner seeking restraint against the invocation/ encashment of the bank guarantee, bearing No. 003GM09140100001, furnished by the Petitioner to the Respondent....

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....uarantee could not have been done while the time for fulfilling the export obligations was still there. 4. Vide last order dated 6th May 2021, the following directions were issued after hearing parties: "xxx xxx xxx 8. The matter needs to be heard on the question of whether the Petitioner has time till December, 2021 to fulfil its export obligation and whether the invocation of the Bank guar....

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....ation of the Bank Guarantee, has now been returned to Yes Bank. 6. Accordingly, the amount of the demand draft may be re-deposited by Yes Bank, and the Bank Guarantee shall be re-issued in favour of Respondent Nos.1 & 2, for a validity period of at least two years, on the same terms and conditions on which it was issued before. This would satisfy the prayers (a) and (b) of the petition. 7. The o....

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.... to the Petitioner and a decision in respect thereof would be taken in accordance with the law on or before 31st July, 2021. 9. The decision taken, shall be communicated to the Petitioner and the Petitioner's remedies, if any, in respect of the said decision that may be taken, are left open to be availed of in accordance with law. 10. It is further directed that if in the interregnum, i.e., prio....