(1.) Heard learned counsel for the parties.
(2.) Petitioner, M/s Adhunik Power and Natural Resources Limited( herein after referred to as A.P.N.R.L) has sought a declaration that the respondent-Central Coalfields Limited (herein after referred to as 'CCL') cannot adjust and / or recover the alleged outstanding amount of Rs.13,46,66,861.42 of its Group Company M/s Adhunik Alloys and Power Limited (hereinafter to be referred to as 'A.A.P.L') from the Bank Guarantee amount of the petitioner Company lying with the Respondent-CCL pursuant to the Fuel Supply Agreement and / or Memorandum of Understanding for Supply of Coal dated 22.7.2015 (Annexure-3) It has also sought quashing of the letter dated 29.7.2016 issued by the Respondent no.2 to the Respondent-Bank for encashment of the Bank Guarantees of the petitioner, as being wholly arbitrary, illegal and an act of egregious fraud. It has sought restrainment upon CCL from adjusting and / or recovering the outstanding amount of Rs. 13,46,66,861.42 being the alleged dues of its Group Company M/s Adhunik Alloys and Power Limited.
(3.) The relevant facts pleaded by the parties and necessary to be noticed for adjudication of the issue, are being referred to hereinafter in brief:-
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
Read More
Sales: sales@the-laws.com
Support: info@the-laws.com
8000853936
9376168072
27, 4TH FLOOR, Agrawal Center, Ashram Road, Income Tax, Ahmadabad 380014.
LOGIN