G.S.Developers & Contractors … vs Alpha G. Group Development … on 19 February, 2016

IA 2317/2016

Exemption allowed subject to all just exceptions.

Application stands disposed of.
ARB. A (COMM) 07/2016

1. The challenge in this petition under Section 37 (2) (b) of the

Arbitration and Conciliation Act, 1996, is to the order dated February 15,

2016, whereby the learned Arbitrator inter-alia, has, allowed the

respondent No.1 and 2 herein, to encash the five bank guarantees, and

ARB. A. (COMM) 07/2016 Page 1 of 17
directed them to deposit the amount of bank guarantees in an escrow

account in a Public Sector Bank and to await the disbursement, subject to

the final Award.
2. According to Mr. A.S. Chandhiok, learned Senior Counsel for the

petitioner, the subject matter of the application under section 17 of the Act

was the following five bank guarantees:-

Source: Indian Kanoon

Leave a Reply

*