V3S INFRATECH LTD. Vs. NBCC & ORS.

JUDGEMENT

(1.) IA No. 2786/2015 (under Order 39 Rules 1 and 2 CPC) IA No. 7330/2015 (Objections filed by the Defendants to the report of the LC) IA No. 16470/2015 (under Order 12 Rule VI Civil P.C. by Plaintiff seeking decree against admission) IA No. 24532/2015 (under Sec. 51 for refraining Defendant No. 1 from encashing the Bank Guarantee) Background facts The background to these four applications is that the Plaintiff, V3S Infratech Ltd., which is engaged in the business of civil construction, was awarded a contract for the work of "Construction of 200 Bedded Referral Hospital & other facilities for Central Para Military Forces (CPMF) at Greater Noida " for which a contract was executed between the Plaintiff and NBCC Ltd. ( "NBCC ") (Defendant No. 1) on behalf of the Indo-Tibetan Border Police ( "ITBP ") (Defendant No. 2) on 23rd June, 2011.

(2.) The estimated price of the work was Rs. 96,00,04,000. This was worked out on the basis of the rates quoted by the Plaintiff on the Bill of Quantities ( "BOQ ") of the tendered documents. Pursuant to the contract, the Plaintiff submitted a Security Deposit-cum-Performance Bank Guarantee in the sum of Rs.4,80,00,200 (being 5% of the estimated cost) by way of a Performance Bank Guarantee ( "PBG ") dated 5th July, 2011 issued by the Punjab National Bank ( "PNB ") (Defendant No. 3). It may be mentioned herein that the said PBG has been extended from time to time.

(3.) The date of commencement of the work was agreed to be the 10th day of issue of the Letter of Intent ( "LOI ") (dated 16th June, 2011) and the works as detailed in the tender were to be executed and completed within 24 months from the date of commencement. The stipulated date of completion thus worked out as 25th June, 2013.