NARMADA VALLEY DEVELOPMENT AUTHORITY Vs. APPELLATE AUTHORITY FOR INDUSTRIAL & FINANCIAL RECONSTRUCTION & ORS

JUDGEMENT

(1.) By this writ petition under Article 226 of the Constitution of India, the petitioner is praying for the following reliefs:

(2.) The short question which arises for decision in the instant case is whether the bar created by Section 22 of the Sick Industrial Companies (Special Provisions) Act (1 of 1986 as amended by Act No.12 of 1994) will apply to the beneficiary who is invoking a bank guarantee, executed by the Bank on behalf of Contractor to secure the liability due to non-fulfillment of the terms and conditions of the work awarded to the respondent No.3 which stands referred to the Board for Industrial and Financial Reconstructions(for short 'BIFR').

(3.) The facts are in a very narrow compass: