GUJARAT MARITIME BOARD Vs. L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LTD. AND ANOTHER
SUPREME COURT OF INDIA
GUJARAT MARITIME BOARD
LAndT Infrastructure Development Projects Ltd. And Another
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KURIAN, J. -
(1.) Leave granted.
(2.) Whether the High Court is justified in exercising its discretionary jurisdiction under Article 226 of the Constitution
of India for restraining the appellant from invoking an
unconditional bank guarantee executed by the first respondent,
is the main issue arising for consideration in this case.
(3.) The appellant invited bids for development of Sutrapada Port. In the process, a Letter of Intent (hereinafter
referred to as 'LoI') was issued to the first respondent on
06.02.2008. The relevant conditions of LoI are extracted below:
1.7 The Lead Promoter shall submit a detailed project report within 12 months of issue of this Letter of Intent (LOI) and present it to Gujarat Maritime Board for their approval.
1.8 The Lead Promoter shall obtain all environment clearances and coastal regulation zone (CRZ) clearances and effective financial closure and all such other clearances and permissions within 18 months or issue of this Letter of Intent
1.9 A Performance Guarantee/Bank Guarantee of Rs 5 Crores (Rupees Five crores only) shall be submitted to Gujarat Maritime Board within 4 weeks of issue of this Letter of Intent in the Performa annexed herewith. (Annexure1). This performance/bank guarantee is against the submission of Detailed Project Report within 12 months and obtaining environment clearance, coastal regulation zone clearance and effecting financial closure within 18 months as mentioned in para 1.7 and 1.8 above, failing which Gujarat Maritime Board/Government shall cancel this Letter of Intent and bank guarantee shall be forfeited." ;
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