2001 (8) TMI 1449

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..... es of National Highway 1 from Samalkha to Karnal in the State of Haryana. The contract was allotted in the year 1987 and was required to be completed within 42 months. It appears that certain disputes arose between the Respondent and its partner Balfour Beatty, who had dropped out of the contract. The Respondent alone carried on with the work and furnished a bank guarantee in the sum of Rs. 4.5 cr .....

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..... by the Appellant. The trial court declined to grant either of the two prayers. The matter was taken up in appeal to the High Court where an order came to be issued restraining encashment of the bank guarantee as also removal of the machinery from the site by the Appellant. The arbitration proceedings have been going on for the last more than four years. We are informed that those proceedings have .....

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..... terim relief, this Court directed stay of the judgment of the High Court dated 27.2.1997, impugned herein, in the meanwhile. Subsequently, the interim order was modified on 17.2.1998 and the Appellants were restrained from encashing the bank guarantee, filed by the Respondent. This is where the matter rests at present. 3. Since the arbitration proceedings have since not been concluded and the o .....

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