CENTRAL ELECTRONICS LIMITED Vs. ENERGY EFFICIENCY SERVICES LIMITED

JUDGEMENT

(1.) This is a petition under Sec. 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the '1996 Act') seeking interim injunction restraining Respondent No. 1 from invoking/ encashing Bank Guarantee ('BG') No. U7AGPGE211810041 dtd. 30/6/2021 for a sum of Rs.1,97,40,000.00, BG No. 161BGPR191330002 dtd. 8/5/2019 for a sum of Rs.1,97,40,000.00, BG No. 161BG032020 dtd. 11/2/2020 for a sum of Rs.1,97,40,000.00 and BG No. VP9GPGE213220093 dtd. 18/11/2021 amounting to Rs.5,79,344.00, pursuant to a final Default Notice dtd. 31/1/2023 and/or in any manner whatsoever adopting coercive measures for recovery of any sum, pursuant to the said notice.

(2.) Brief facts that need to be captured for deciding the present petition are that Petitioner is a Government of India enterprise under the Department of Scientific and Industrial Research ('DSIR'), Ministry of Science and Technology and was established in 1974 with an objective to commercially exploit indigenous technologies developed by National Laboratories and R&D institutions in the country. Petitioner also undertakes various projects for other Government enterprises in the field of solar power generation, security and surveillance, railway signalling etc.

(3.) Respondent No. 1 is promoted by Ministry of Power, Government of India as a Joint Venture of four Public Sector Undertakings i.e. NTPC Limited, Power Finance Corporation Limited, REC Limited and Powergrid Corporation of India Limited.