LARSEN AND TOUBRO LIMITED Vs. ALLAHABAD BANK

JUDGEMENT

(1.) The present Appeal is filed by the AppellantOriginal Plaintiff challenging an adinterim order of the learned Single Judge, in the matter of invocation of performance bank guarantee and against the direction to deposit the proceeds in the account of third party and not of the beneficiary.

(2.) On 9 March 2016, in view of urgency expressed and as the regular Bench could not take this matter, it was heard substantially and kept on 23 March 2016. The parties have no objection for hearing of this Appeal finally at admission stage itself. It was heard from time to time, accordingly.

(3.) The Appellant/Plaintiff(Subcontractor), Larsen & Toubro Limited (for short, "L & T"), a company engaged in business of construction of large infrastructural projects, has filed this Appeal and challenged Judgment and order dated 29 February 2016 passed by the learned Single Judge, pending the Notice of Motion in the Suit. The Appellant's Application for an adinterim relief restraining Respondent No.1 (for short, "the Bank"), Respondent No.2GVK Projects & Technical Services Limited(Contractor) (for short, "GVK Projects") and Respondent No.3GVK Ratle Hydro Electric Project Private Limited (for short, "GVK Ratle") ("the owner") from acting in furtherance of the purported invocation of Performance Bank Guarantee (for short, "PBG") dated 11 July 2013 issued by the Bank in favour of GVK Projects for Rs.98,35,00,000/, is rejected.