GARDEN SILK MILLS LIMITED Vs. GAYATRI INDUSTRIES

JUDGEMENT

(1.) The First Appeal was preferred by the original Defendant No.1 challenging the judgment and decree dated 20 th January 2003 decreeing the suit for sum of Rs.28,97,629.00 together with interest @ 24% per annum. First Appeal was permitted to be withdrawn by order of 25/2/2025.

(2.) The present Interim Application has been preferred by the Appellant seeking a declaration that the impugned judgment and decree dtd. 20/6/2003 stands extinguished and no proceedings in respect thereof can be continued or initiated and for a direction to release all bank guarantees issued by the Appellant's bank in favour of the Registrar pursuant to order of 17 th June 2003. In the alternative, the Appellant seeks release of all original bank guarantees issued by the Bank of Baroda, Bhaga Talav branch in favour of the Registrar of this Court and only retain the bank guarantee dated 17 th August 2021 issued by Union Bank of India.

(3.) The undisputed fact is that pursuant to the filing of First Appeal in May 2003, vide order dtd. 17/6/2003, this Court granted stay to the impugned judgment and decree on the Appellant's furnishing bank guarantee for sum of Rs.29,00,000.00, to be kept alive during the pendency and disposal of the Appeal. The Appellant is complying with the said order and bank guarantee was regularly renewed and is presently valid till 16/8/2025.