Jindal Steel And Power Ltd. vs Bansal Infra Projects Pvt. Ltd. 2025 INSC 640 - Bank Guaranteee
Bank Guarantee - Bank guarantees serve as the backbone of commercial transactions and must be honoured in accordance with their terms -The Courts should refrain from interfering with the invocation of a bank guarantee except in cases of fraud of an egregious nature or in cases where allowing encashment would result in irretrievable injustice. (Para 11) [Context: SC upheld the High Court order observing thus: In view of the ongoing arbitration proceedings concerning the bank guarantee, it is imperative to maintain the existing position regarding the bank guarantee until the final outcome of the Section 9 arbitration petition.]
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