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Failure to perform
obligation within time stipulated-Effect of-Bank guarantee
Right to invoke-To injunction against.
HEADNOTE:
%
The appellant ... appellant, the respondent was to furnish a
performance bank guarantee for Rs.16.5 lakhs and yet another
bank guarantee
Supreme Court of India
bank guarantees as specified
therein. These were:
1. A bank guarantee for timely delivery of plant and
machinery as provided ... agreement.
2. The seller was required to furnish a bank guarantee in
respect of guaranteed performance of the plant
Supreme Court of India
seven days of the receipt of an acceptable performance Bank
Guarantee. (f) The performance Bank guarantee ... October, 1989, itself the
appellant did furnish a performance bank guarantee for $
29,28,000 and upon bank guarantee being
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above six,
only four bank guarantees were furnished including bank
guarantee no. 40/51 dated 1st December ... bank guarantee no.40/47 dated 24th
November, 1994 for a sum of Rs.35 lacs. These are the bank
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required to furnish, and it did furnish, a Bank Guarantee for 10
per cent of the contract price as "Performance ... Lakhs Thirteen Thousand One Hundred
and Two only. Another Bank Guarantee which was required to be furnished
by HCCL
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Contract--Termination due to failure to comply specifi-
cations--Bank guarantee--Claim for encashment--Liability of
Bank--Order restraining Bank ... expiration of the warran-
ty, and to furnish a Bank guarantee to secure the mobilisa-
tion advance
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Central Act
22 of 1973-Definition and applicability of.
Bank Guarantee-Whether the High Court was right in
directing ... costs of furnishing bank guarantee to be paid
by the Revenue to the assessee in cases where the demand
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Bank Nature of Amount of Last
the Bank Guarantee the Bank the Bank extended
Guarantee Guarantee date ... outset we should make
it clear that the Bank Guarantee relating to performance,
item No. 2 mentioned in the preceding
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other was a
performance security by way of a bank guarantee of Rs. 2 Crores (Rupees
Two crores only). Clauses ... Guarantee from a Bank located in India. The Bank Guarantee shall be
in the Form of Bank Guarantee
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favour of HSCL at the instance of the
contractor. Bank guarantee No.3/21 was furnished ... towards security
deposit. Bank guarantee No.6/175 given on 31.7.87, initially
for Rs.45 lacs and subsequently reduced
Supreme Court of India
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