INDU PROJECTS LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) THE captioned is listed before this court on mentioning. Mr Sundaram, learned senior counsel for the petitioner, seeks an injunction on the bank guarantee in issue solely on the ground that the invocation is not in terms of the bank guarantee. It is Mr Sundaram's contention that the bank guarantee in this case was conditional, and therefore, the petitioner would be entitled to an injunction if it was able to persuade this court that the letter of invocation did not satisfy the conditions contained in the bank guarantee.

(2.) TO be noted, grounds pleaded in the petition with regard to fraud are not before me. As a matter of fact, though there are assertions with regard to delay and/or failure of the respondent in discharging its obligations under the contact obtaining between the parties, no submissions are made in that behalf.

(3.) BRIEFLY , it may only be noticed that the petitioner was issued a letter of intent dated 24.12.2010 for construction of residential accommodation for army, at Port Blair, pursuant to a notice inviting tender dated 25.10.2010. The contract is valued at Rs. 266.48 crores. The time accorded for completion of the contract was stipulated as 28 months; albeit from the date of handing over of the site in issue. The work under the contract was required to be executed in five (5) phases.