Essar Steel India Limited v. Indian Oil Corporation Limited

$~44 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ O.M.P.(I) (COMM.) 81/2017 ESSAR STEEL INDIA LIMITED ..... Petitioner Through:

Mr Abhinav Vashisht and Mr Rajat Navet, Advocates.

versus INDIAN OIL CORPORATION LIMITED ..... Respondent Through:

Mr Chetan Sharma, Senior Advocate with Ms Shally Bhasin, Ms Neha Nagpal, Ms Niyati Kohli and Mr Vivek Jain, Advocates.

CORAM:

HON'BLE MR. JUSTICE VIBHU BAKHRU

O R D E R

% 17.02.2017 IA No. 2171 & 2172/2017 Allowed, subject to all just exceptions.

The applications are disposed of.

CAV. No. 161/2017 The learned counsel for the caveator has entered appearance. The caveat stands discharged.

O.M.P.(I) (COMM.) 81/2017 The petitioner has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereafter 'the Act'), inter alia, praying as under:- "i.

grant ad-interim ex-parte injunction restraining the Respondent IOCL from invoking, encashing, receiving any monies under Bank Guarantee dated 30.09.2014 for Rs.6,40,00,000/- bearing O.M.P. (I) (COMM) 81/2017

No.4000114BG0000093 issued at the instance of Essar Steel Limited valid till 28.09.2017."

Mr Abhinav Vashisht, learned Senior Advocate appearing for the respondent submits that the present petition is infructuous as the Bank Guarantee has already been encashed and the proceeds thereof have been credited to the bank account of the respondent. In view of the above, the petition does not survive and is, accordingly, disposed of.

VIBHU BAKHRU, J FEBRUARY 17, 2017 RK O.M.P. (I) (COMM) 81/2017