VINITEC ELECTRONICS PRIVATE LIMITED Vs. HCL INFOSYSTEMS LIMITED

JUDGEMENT

(1.) Leave granted.

(2.) The dispute between the parties relates to invocation of the bank guarantee furnished by the appellant to the respondent.

(3.) The appellant M/s. Vinitec Electronics Private Limited entered into agreement dated 10th May, 2000 with the respondent HCL Infosystem Limited under which the respondent agreed to buy UPS systems from the appellant for a consideration value of Rs.1,68,12,400/-. The method of payment and terms thereof are provided for in clause 15(a) and (d) in the said agreement. "Clause 15: