KRYSHNAJAY DEVELOPERS PRIVATE LIMITED Vs. KAPIL M. MAHTANI

JUDGEMENT

(1.) By the present Suit, the Plaintiff - Kryshnajay Developers Private Limited (hereinafter referred to as "the Plaintif Developer" ) inter alia seeks a declaration that the invocation by Defendant Nos. 1 and 2 (hereinafter referred to as "the Mahtanis",) of the Bank Guarantee dated 12th November, 2014 bearing reference No. 0268BGD000315 (hereinafter referred to as "the Suit Bank Guarantee") is illegal, null and void and deserves to be set aside. The said Suit Bank Guarantee was issued by the Defendant No. 3 (ICICI Bank) in favour of the Mahtanis for a sum of Rs.10,00,00,000/- to essentially secure the due and timely performance of the Plaintifffs obligations under the Development Agreement dated 26 th July, 2012, (hereinafter referred to as "the DA") and the Agreement for Permanent Alternate Accommodation dated 22nd December, 2014 (hereinafter referred to as "the APAA").

(2.) The Plaintiff Developer has in the Suit, taken out the above Notice of Motion seeking an interim order of injunction restraining the Mahtanis from encashing the Suit Bank Guarantee and to restrain ICICI Bank from acting on its invocation dated 4th January, 2018, or making any payments to the Mahtanis in furtherance of such invocation.

(3.) The relevant facts leading to the fling of the present Notice of Motion, are as under :