TRANSFORMERS RECTIFIERS INDIA LIMITED Vs. VIJAI ELECTRICAL LIMITED

JUDGEMENT

(1.) The present Appeal has been filed from an order dtd. 28/3/2022 passed by the Commercial Court at Hyderabad.

(2.) The appellant was the respondent No.1 in an application filed under Sec. 9 of the Arbitration and Conciliation Act, 1996 which resulted in the impugned order. The respondent No.1 before us was the petitioner in the Sec. 9 proceeding.

(3.) By the impugned order, the respondent No.1 (the petitioner before the Trial Court) was granted the relief sought for and the appellant was directed to extend the 3 Bank Guarantees furnished by the appellant to the respondent No.1 for 1 year from the date of the order. The respondent No.2 (then IDBI Bank and now Canara Bank) was directed not to release the security furnished by the appellant (respondent No.1 before the Trial Court).