CIPEL Vs. INDIAN OIL CORPORATION LTD

JUDGEMENT

(1.) Heard.

(2.) Rule. By consent of the parties, Rule is made returnable forthwith.

(3.) This Writ Petition has been filed by the Petitioner under the provisions of Article 226 of the Constitution of India for restraining Respondent No. 1 - Indian Oil Corporation Ltd (for short "IOCL") from invoking and encashment of Bank Guarantee No. 4085IBGIS180004 dated 17 September 2018 for a sum of Rs. 1,86,37,000.00 (briefly referred to as "Bank Guarantee"). Petitioner has also sought a restraint on termination of the Contract Work Order dated 18 September 2018 which has been terminated by letter dated 17 October 2020 and forfeiture of security deposit of Rs. 5,59,10,738.00.