FORCAST Vs. STEEL AUTHORITY OF INDIA LIMITED

JUDGEMENT

(1.) JUDGMENT -

(2.) SUBMISSION advanced by Mr. C.R. Somasekharan appearing for the respondents was that the amount of the Bank guarantee in question has been credited by the State Bank of India, Commercial Branch, Calcutta, in the account of respondent No. 1 on June 9, 1997 & therefore, O.M.P. No. 29/97 has been rendered infructuous and may be dismissed as such. On the other hand, submission advanced by Mr. B. Sen appearing for the petitioner was that in the arbitration matter between the parties notice has been issued by the International Court of Arbitration to respondent No. 1 and if the amount of the Bank guarantee in question has been transferred in the account of respondent No. 1, it may be ordered either to deposit the same in Court or to keep in a separate account to safeguard the interest of the petitioner.