ESCORTS LIMITED Vs. SUBHASH MANAKCHAND ZAMBAD

JUDGEMENT

(1.) The petitioner company is registered under the provisions of Compa-nies Act, 1956 and is impleaded as defend-ant in Special Civil Suit No. 410 of 2010 pre-sented by respondent No. 1 original plaintiff. (Hereinafter the parties would be referred to as per their status before the trial Court).

(2.) The instant civil revision application is presented by the original defendant No. 1 raising exception to the order passed by the learned 3rd Joint C.J.S.D. Aurangabad in application below Exh. 27 in Special Civil Suit No. 410 of 2010, decided on 14.12.2010. The application tendered by the defendant No. 1, petitioner herein, presented under section 8 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the "Arbitration Act"), came to be rejected by the trial Court.

(3.) The original plaintiffs instituted suit claiming declaration that the defendant No. 1 has no right and entitlement to invoke and enforce the Bank Guarantee bearing No. 10/ 9-10 issued by the defendant No. 2 Bank and prayed for perpetual injunction restraining the defendant No. 1 and defendant No. 2 from dealing with, in any manner, with Bank Guarantee and passing of any consideration under the said Bank Guarantee in favour of defendant No. 1.