N.N.TIWARI, J. - (1.) IN this writ petition, the petitioner has prayed for a direction on the respondent Nos. 1 to 3 to forthwith encash/release the total amount of Rs. 2 crores payable against five Bank Guarantees all dated 28.6.2005 in favour of the petitioner, either by remitting the said amount in the petitioner's Bank Account No. 106010200007160 of UTI Bank, Main Road, Ranchi or by issuing an account payee cheque in favour of the petitioner for the said sum, for which the petitioner requested the respondent Nos. 1 to 3 by various letters of different dates, but with no consequence.
(2.) IT has been stated that the petitioner is a Government Company, under the Ministry of Railway, Government of India. The Jharkhand State Electricity Board had invited a tender in the month of August, 2003 for the work of Rural Electrification on turn key basis in the State of Jharkhand. The petitioner participated in the said tender and was ultimately awarded the said contract by virtue of the agreements all dated 16.3.2004. The petitioner, thereafter, entered into ten sub -agreement with different persons. One M/s. Ramjee Power Construction Ltd. submitted 27 Bank Guarantees of Rs. 32.71 crores obtained from Bank of India to the petitioner towards Security Deposit declaring the petitioner as the sole beneficiary of the Bank Guarantees, subject to the terms and conditions mentioned in the said Bank Guarantees. The petitioner had written a letter to the respondent -Bank on 22.7.2005 enclosing Bank Guarantees and requested to confirm the same. The respondent -Bank replied to the same by letter dated 23.7.2005 confirming the aforesaid Bank Guarantees. By letter dated 25.7.2005, the respondent -Bank while re -confirming issuance of five Bank Guarantees, stated that photo copies of five Bank Guarantees issued by respondent No. 2 appears to be forged and, as such, those Bank Guarantees will be encashed only on submission of originals of the Bank Guarantees, issued in favour of the petitioner. The petitioner requested several time to encash those Bank Guarantees, but the respondent -Bank refused to encash the same on the said arbitrary ground.
(3.) A counter -affidavit has been filed on behalf of the respondent -Bank stating, inter alia, that the Bank Guarantees were issued by the Bank but the photo copies of five Bank Guarantees, which were produced and were sought to be encashed, appeared to be forged and fabricated. The respondent -Bank, therefore, insisted for production of the original Bank Guarantees. The Bank is always ready to encash the Bank Guarantees, if the originals of the same are produced before the Bank. It has been stated that the respondent -Bank had given a letter to the petitioner clearly stating that the Bank assumes no liability against fake and forged Bank Guarantees. The respondents are, thus, not bound to encash the Bank Guarantees on the basis of any forged document and unless the original documents are produced before the Bank.;