KEI INDUSTRIES LIMITED Vs. D E S U

JUDGEMENT

(1.) ALONGWITH its petition under section 20 of the Arbitration Act, the petitioner Company has also moved an application under section 41 of the Act seeking to restrain the respondent (DESU) from invoking three Bank guarantees one of which relates to Dena bank while the remaining two to Punjab National Bank. I am penning these lines in disposal of the said application.

(2.) FIRST, a bird-eye view of the essential facts.

(3.) THE petitioner establishes no fraud of an "egregious nature as to vitiate the entire underlying transaction". It establishes no special equity and surely refusal to grant injunction would cause no irretrievable injustice to the petitioner. It thus fails to make out a case for the grant of a restraint order as sought by it. THE application is consequently dismissed.