- (1.) Leave granted.
(2.) The dispute between the parties relates to invocation of the bank guarantee furnished by the appellant to the respondent.
(3.) The appellant M/s. Vinitec Electronics Private Limited entered into agreement dated 10th May, 2000 with the respondent HCL Infosystem Limited under which the respondent agreed to buy UPS systems from the appellant for a consideration value of Rs.1,68,12,400/-. The method of payment and terms thereof are provided for in clause 15(a) and (d) in the said agreement. "Clause 15: The payment terms will be : (a) 30% Advance against a Bank guarantee from a Scheduled Bank of equivalent value. The BG shall be valid till the date of final delivery at the Company location(s). (b) . . . . . ( c ) . . . . . (d) 10% after one year from the date of receipt of material at the customer site(s).";