RAMSARUP INDUSTRIES LTD. Vs. CAPITAL FINANCIAL SERVICES LTD.

JUDGEMENT

(1.) The original Appeal No. 41 of 2014 was disposed of by an order dtd. 17/2/2014. That order by consent required the Respondents to furnish a bank guarantee in the sum in which the sale was confirmed in their favour. This bank guarantee was to be of a Nationalised Bank and was to remain valid pending arbitration and for a period of eight weeks after the Award was made and published.

(2.) It seems that on account of failure to renew the bank guarantee, the Prothonotary and Senior Master of this Court issued a letter of invocation to the issuing bank, Bank of India, MG Road, Mumbai on 14/6/2022.

(3.) In the meantime, it seems that by an arbitral order dtd. 23/6/2022 at the joint request of the parties, the bank guarantee furnished by the Respondent (Claimant in arbitration) pursuant to the order dtd. 17/2/2014 was ordered to stand discharged and cancelled.