EXIM PVT LTD Vs. AXIS BANK LTD

JUDGEMENT

(1.) This writ petition is filed with the following prayers:-

(2.) The learned senior counsel for the petitioner has raised three issues in the present petition - a) the termination letter dated 05.11.2018 could not have been issued at the instance of any single bank but could be issued only by the Evaluation Committee (of which respondents No.1, 2,

(3.) , 9, and 11 were the members) and that too after determining breach of contract, hence the termination at the instance of Axis Bank is bad; b) the final LOI was never issued and even Definitive Agreement was never entered into, hence bank guarantee could never be invoked in the absence of a definitive contract/agreement; and c) the respondents have no right to invoke insolvency proceedings without informing the petitioner and rather a fraud was committed upon the petitioner as the petitioner was made to submit the performance bank guarantee of 100 Crores on 18.09.2018 and that too after the insolvency procedure was invoked on 11.09.2018. 3. Qua (a) and (b) viz illegality in issuing the termination letter, the learned senior counsel for the petitioner has referred to the following clauses of the Request for Proposal Document (RFP), viz:-