Supreme Court of India
National Projects Construction Corporation Limited v. Ishvakoo (india) Pvt Ltd
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
For the reasons stated above, we find no merit in the appeal. The appeal is, accordingly, dismissed. We grant 4 (four) weeks’ time to the appellant to deposit the amount of Rs. 3.5 crores with the Registry of the High Court of Delhi. On deposit, the Registry of the High Court shall keep the same in a Fixed Deposit (FD), in any Nationalized Bank, on auto-renewal basis, till the disposal of the Section 34 application.
Judgment, 27
In brief
The parties entered an MoU dated 16.08.2002 for construction of bus terminals and development of the Taj Trapezium Zone Heritage Corridor at Agra, under which the respondent received Rs. 3.5 crores as mobilisation advance against sixteen bank guarantees issued by Canara Bank. Disputes arose and, in an earlier Section 9 petition disposed of on 15.12.2005, the respondent undertook to keep the guarantees alive until the award became executable, the appellant being entitled to encash them only if the arbitrator found that it had to recover money from the respondent.…
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