Zillion Infraprojects Pvt. Ltd. vs Alstom Systems India (P) Limited & … on 7 February, 2017

1. Zillion Infraprojects Pvt. Ltd. (hereafter ‘ZIPL’) has filed the present
petition under Section 9 of the Arbitration and Conciliation Act, 1996
(hereafter ‘the Act’) inter alia praying for an injunction restraining
respondent no.1 (hereafter ‘Alstom’) and respondent no.3 (hereafter ‘ICICI
Bank’) from encashment of Bank Guarantee No. 0007BGR0083516 dated
18.02.2016 for an amount of ₹1,41,00,000/- till the adjudication of the
disputes between the parties.

2. The aforesaid bank guarantee was submitted by the ZIPL against
advances obtained from Alstom. The said advances were to be recovered
from running account bills. However, the agreement pursuant to which the

O.M.P.(I)(COMM.) 405/2016 Page 1 of 15
bank guarantee had been furnished has been terminated. ZIPL alleges that
the invocation of the Bank Guarantee is fraudulent and, therefore, ought to
be interdicted.

Source: Indian Kanoon

Leave a Reply