Category: Encashment of Bank Guarantees

Encashment of an unconditional and irrevocable bank guarantee cannot be injuncted except in cases of fraud of egregious nature, irretrievable injury, or special equities. Financial distress is not equal to irretrievable injury.

     Update by Akshat Shukla

Suzlon Energy Limited v. Zemira Renewable Energy Limited Court: Delhi High Court | Case Number: OMP (I) COMM 340 of 2019 and connected matters | Citation: Not currently available | Judge: Jyoti Singh J| Date: | Available at: http://164.100.69.66/jupload/dhc/JIS/judgement/05-06-2020/JIS04062020OMPICOMM3402019_170034.pdf, https://indiankanoon.org/doc/5158046/   A. INVOCATION OF BANK GUARANTEE AND APPLICATION TO RESTRAIN ENCASHMENT

 Continue reading
Categories: Egregious fraud |  Encashment of Bank Guarantees |  Injunctions against Bank Guarantees |  Interim measures by court |  Irretrievable injury |  Section 9 |  Special equities