FENNER INDIA LIMITED Vs. PUNJAB AND SIND BANK

JUDGEMENT

(1.) Leave granted. We have heard counsel for both sides.

(2.) This appeal by special leave arises from the Judgment of the Kerala High Court, made on November 14, 1996 in A.S. No. 394 of 1996.

(3.) The admitted facts are that the appellant laid a suit to enforce the Bank Guarantee against the respondent pursuant to the Agreement dated April 23, 1991 entered into between the appellant, M/s. Fenner (India) Ltd., 3 Madurai Melakkal Road, Madurai and M/s. Vijay Exports, 23/393, Panampally Nagar, Kochi under which the appellant had agreed thus: