- (1.) The U.P. Power Corporation is before this Court praying for a mandamus to the Reserve Bank of India and its authorities to take action against the respondent No. 4 - Axis Bank Ltd. on the complaint filed by the petitioner. The additional prayers are to release and pay the bank guarantee amount of Rs. 9 Crores with interest as the petitioners had invoked the bank guarantee as per the terms and conditions thereof dated 24.9.2012.
(2.) Sri Rajiv Srivastava, learned counsel for the petitioners has vehemently argued that the respondent - Axis Bank contrary to the guidelines of the Reserve Bank of India shifted the claim expiry date and made it expire on the same date till the date of extension of the bank guarantee which was contrary to the intention as indicated in the original bank guarantee where a period of one month was provided for between the expiry date and the claim expiry date. He submits that by making the dates common in the subsequent extension bank guarantee documents the respondent Bank has tried to manipulate the withholding of the payment of the bank guarantee to the petitioners inspite of it having been invoked in accordance with law.
(3.) This according to Sri Srivastava has been done with a view to facilitate M/s NSL Bank Nagapatnam Power and Infratech Pvt. Ltd. with whom the petitioner corporation had negotiated and agreed to purchase electricity and whose bank guarantee is in question.;