ABB LIMITED Vs. LARSEN AND TOUBRO LTD

JUDGEMENT

(1.) THIS order shall dispose of an application filed by the petitioner under Order 6 Rule 17 read with section 151 CPC.

(2.) BRIEFLY stated the facts of the case leading to the filing of the application are that the petitioner had filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996. It is stated that petitioner is a company incorporated under the provisions of the Companies Act, 1956 and having its registered office at Bangalore and one of its office at E -5, Shyam Nagar, Okhla, Phase -III, New Delhi -110020. It is alleged that the petitioner had entered into an agreement with the respondent No.1 i.e. Larsen and Toubro Ltd. with regard to erection and commission of some electrification work at Indira Gandhi International Airport. The petitioner had accordingly furnished certain bank guarantees to the respondent. The petitioner is aggrieved by alleged fraudulent, illegal and unreasonable invocation of the three bank guarantees on 04.02.2010 by the respondent no. 1 and consequently the petitioner has filed the present petition. The details of the three bank guarantees which were sought to be invoked by the respondent are as under: Particulars of Head of bank Amount Amount claimed bank guarantee guarantee (no. and date) 0002BG00123008 Advance Bank 23,42,41,435/ - 23,42,41,435/ - Guarantee 0002BG00088308 Advance Bank 23,42,41,435/ - 7,69,02,291/ - Guarantee 0002BG00088208 Performance 31.2 Crores 24,23,21,913/ - Bank Guarantee

(3.) THE aforesaid matter was listed before this Court on Saturday i.e. 06.02.2010 and since there was a caveat filed by the respondent no. 1, accordingly, it was directed that a copy of the petition be served on the caveator as it was not done. The matter was adjourned to 08.02.2010 on which date the matter was listed before another Bench firstly and on account of orders of the Judge In -Charge (Original Side) it was placed before this Court only at 4.35 P.M.