RUSHYDRO INTERNATIONAL AG & ANR Vs. NORTH EASTERN ELECTRIC POWER CORPORATION LIMITED

JUDGEMENT

(1.) This Miscellaneous Application in pending Arbitration Appeal No. 1 of 2016, was entertained on 16.08.2016 with the following order:

(2.) It has been informed today that notices were sent to the bank concerned (respondent No. 2) on 20.08.2016 by e-mail as also by registered post. In any case, it has been informed today that the validity period of the referred Bank Guarantee is in fact, upto the month of March, 2017. This fact has not been disputed on behalf of the respondent No. 1. It has also been informed that the parties are likely to take up the proposed proceedings for joint inspection and further steps on and from 18.09.2016.

(3.) In the totality of circumstances, we are clearly of the view that there is no justification at the present stage for the respondentCorporation to seek encashment of the Bank Guarantee in question.