2017 (2) TMI 1477 - SC - Companies Law

Discharge of bank guarantee already furnished - HELD THAT - Petitioner makes a statement that he will deposit a sum of Rs. 3, 00, 00, 000/- within a period of four weeks from today on which the bank guarantee already furnished by him will stand discharged - Further within a period of six months thereafter he undertakes before this Court to deposit the balance amount of Rs. 15, 00, 00, 000/- making a total sum of Rs. 18, 00, 00, 000/- which is the principal amount as stated in the Agreement dated 02.04.2014. The amounts so deposited shall stand to the credit of a suit which the respondent proposes to file within a period of four weeks from today - SLP disposed off.

Summary

The Supreme Court ordered the appellant to deposit Rs. 3,00,00,000 within four weeks and Rs. 15,00,00,000 within six months, totaling Rs. 18,00,00,000. The amounts will be credited to a suit filed by the respondent. Special Leave Petitions and pending applications were disposed of accordingly.