w w w . L a w y e r S e r v i c e s . i n



Hindustan Construction Co. Ltd. v/s National Hydro Electric Power Corporation Ltd.


Company & Directors' Information:- U. P. POWER CORPORATION LIMITED [Active] CIN = U32201UP1999SGC024928

Company & Directors' Information:- D B POWER LIMITED [Active] CIN = U40109MP2006PLC019008

Company & Directors' Information:- INDIA POWER CORPORATION LIMITED [Active] CIN = L40105WB1919PLC003263

Company & Directors' Information:- INDIA POWER CORPORATION LIMITED [Amalgamated] CIN = U40101WB2003PLC097340

Company & Directors' Information:- HINDUSTAN CONSTRUCTION COMPANY LIMITED [Active] CIN = L45200MH1926PLC001228

Company & Directors' Information:- B L A POWER PRIVATE LIMITED [Active] CIN = U40102MH2006PTC165430

Company & Directors' Information:- L V S POWER PRIVATE LIMITED [Active] CIN = U40100TG1996PTC023552

Company & Directors' Information:- L & W CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201KA2006PTC039095

Company & Directors' Information:- S L S POWER CORPORATION LIMITED [Active] CIN = U40109AP2005PLC047008

Company & Directors' Information:- S L V POWER PRIVATE LIMITED [Active] CIN = U40102KA2002PTC030448

Company & Directors' Information:- S. E. POWER LIMITED [Active] CIN = L40106GJ2010PLC091880

Company & Directors' Information:- D C POWER LIMITED [Strike Off] CIN = U40109TG1996PLC025996

Company & Directors' Information:- N H CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2006PTC144604

Company & Directors' Information:- K K K HYDRO POWER LIMITED [Active] CIN = U40101HP1999PLC022799

Company & Directors' Information:- V R B HYDRO POWER PRIVATE LIMITED [Active] CIN = U40101DL2005PTC141125

Company & Directors' Information:- G & W ELECTRIC COMPANY INDIA PRIVATE LIMITED. [Active] CIN = U31403DL2007FTC165423

Company & Directors' Information:- C S CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201DL2005PTC140236

Company & Directors' Information:- POWER CORPORATION OF INDIA LIMITED [Amalgamated] CIN = U50101WB1997PLC084060

Company & Directors' Information:- ELECTRIC CORPORATION OF INDIA LIMITED [Amalgamated] CIN = U40101WB1997PLC084154

Company & Directors' Information:- S M HYDRO POWER PRIVATE LIMITED [Active] CIN = U40103KA2007PTC043226

Company & Directors' Information:- S D CONSTRUCTION PVT LTD [Active] CIN = U45209WB1993PTC058947

Company & Directors' Information:- B V POWER PRIVATE LIMITED [Active] CIN = U40106DL2011PTC213428

Company & Directors' Information:- M K R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2003PTC121828

Company & Directors' Information:- R K CONSTRUCTION PVT LTD [Strike Off] CIN = U00500BR1984PTC001953

Company & Directors' Information:- T D CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U70101AS2002PTC006719

Company & Directors' Information:- H N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200JH2007PTC012923

Company & Directors' Information:- L V CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201UP1998PTC023382

Company & Directors' Information:- R AND H POWER COMPANY PRIVATE LIMITED [Active] CIN = U51109UP1965PTC003067

Company & Directors' Information:- A G L CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400WB2008PTC126885

Company & Directors' Information:- C. K. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U00501BR1990PTC003909

Company & Directors' Information:- CONSTRUCTION INDIA PVT LTD [Active] CIN = U45201GJ1979PTC003375

Company & Directors' Information:- B R POWER LTD [Active] CIN = U40106WB1995PLC073567

Company & Directors' Information:- N M S POWER PRIVATE LIMITED [Active] CIN = U51109WB1999PTC089747

Company & Directors' Information:- H R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201UP2002PTC026867

Company & Directors' Information:- M B N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70101AS2004PTC007322

Company & Directors' Information:- P R B POWER PRIVATE LIMITED [Strike Off] CIN = U40101TG1995PTC020647

Company & Directors' Information:- N J CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70102WB2012PTC186978

Company & Directors' Information:- J P R ELECTRIC POWER COMPANY PRIVATE LIMITED [Strike Off] CIN = U31908DL1995ULT074208

Company & Directors' Information:- C S R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1994PTC060034

Company & Directors' Information:- S V G POWER PRIVATE LIMITED [Active] CIN = U40300AP2012PTC084435

Company & Directors' Information:- T M G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203UP2000PTC025597

Company & Directors' Information:- C D S CONSTRUCTION CO PVT LTD [Active] CIN = U45200MH1982PTC026703

Company & Directors' Information:- P J CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201AS2000PTC006365

Company & Directors' Information:- A R C CONSTRUCTION PVT LTD [Active] CIN = U45202MH1996PTC096950

Company & Directors' Information:- N B S A M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2005PTC143267

Company & Directors' Information:- J M D CONSTRUCTION PVT LTD [Strike Off] CIN = U70101WB1993PTC057456

Company & Directors' Information:- V & C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049012

Company & Directors' Information:- S B CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203OR1994PTC003672

Company & Directors' Information:- O A CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45203AR2005PTC007930

Company & Directors' Information:- NATIONAL CONSTRUCTION CO. PVT LTD [Active] CIN = U45200JH2007PTC012720

Company & Directors' Information:- INDIA POWER PRIVATE LIMITED [Active] CIN = U31900DL1995PTC070096

Company & Directors' Information:- NATIONAL CO LTD [Strike Off] CIN = U51909WB1917PLC002781

Company & Directors' Information:- M POWER INDIA PRIVATE LIMITED [Active] CIN = U31908MH2012PTC234343

Company & Directors' Information:- J C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203AS1999PTC005975

Company & Directors' Information:- N A CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH2009PTC192764

Company & Directors' Information:- N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2006PTC146888

Company & Directors' Information:- V. K. CONSTRUCTION COMPANY PVT. LTD. [Active] CIN = U45102WB1991PTC050570

Company & Directors' Information:- M M CONSTRUCTION PVT LTD [Strike Off] CIN = U45200GJ1995PTC027508

Company & Directors' Information:- P. L. G. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2007PTC171110

Company & Directors' Information:- L AND C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201KA2001PTC028456

Company & Directors' Information:- C R CONSTRUCTION PVT LTD [Active] CIN = U45209WB1960PTC024811

Company & Directors' Information:- S M S HYDRO POWER LIMITED [Strike Off] CIN = U40101AS2003PLC007127

Company & Directors' Information:- J S CONSTRUCTION PVT LTD [Active] CIN = U45201OR1981PTC000921

Company & Directors' Information:- A N S INDIA POWER PRIVATE LIMITED [Active] CIN = U51101DL2014PTC266873

Company & Directors' Information:- S H A CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202DL1996PTC076831

Company & Directors' Information:- I T ELECTRIC PVT LTD [Strike Off] CIN = U31901TN1978PTC007643

Company & Directors' Information:- S N S CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45204HR2009PTC039160

Company & Directors' Information:- A V M CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202GJ2007PTC050521

Company & Directors' Information:- A H CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201TN1990PTC019675

Company & Directors' Information:- A D CONSTRUCTION CO PRIVATE LIMITED [Strike Off] CIN = U45201UP1984PTC006464

Company & Directors' Information:- G V G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70102TN2009PTC072766

Company & Directors' Information:- HYDRO INDIA PRIVATE LIMITED [Active] CIN = U29120MH1998PTC121434

Company & Directors' Information:- D G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70102JH2012PTC000717

Company & Directors' Information:- C R E M POWER PRIVATE LIMITED [Strike Off] CIN = U40101DL2001PTC111631

Company & Directors' Information:- D T POWER PRIVATE LIMITED [Strike Off] CIN = U40300AP2015PTC097226

Company & Directors' Information:- J B F CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45200JK2008PTC002952

Company & Directors' Information:- K R P CONSTRUCTION PVT LTD [Active] CIN = U45200MH1989PTC053580

Company & Directors' Information:- R S M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201DL2005PTC142245

Company & Directors' Information:- R & S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201BR2012PTC018727

Company & Directors' Information:- B M S CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70101WB2006PTC110196

Company & Directors' Information:- AT HYDRO PRIVATE LIMITED [Not available for efiling] CIN = U40108DL2002PTC114208

Company & Directors' Information:- G S POWER LIMITED [Strike Off] CIN = U40102KA2010PLC054033

Company & Directors' Information:- E H CONSTRUCTION CO PVT LTD [Active] CIN = U45209WB1984PTC037174

Company & Directors' Information:- A C K CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45203PN2002PTC017065

Company & Directors' Information:- D. M. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U74140WB2000PTC091230

Company & Directors' Information:- B I ELECTRIC COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1990PTC039350

Company & Directors' Information:- B M CONSTRUCTION CO PVT LTD [Strike Off] CIN = U70101WB1987PTC043414

Company & Directors' Information:- POWER AND POWER PVT LTD [Active] CIN = U31300AS1989PTC003282

Company & Directors' Information:- P D CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201MH2007PTC171650

Company & Directors' Information:- A M CONSTRUCTION P LTD. [Active] CIN = U99999WB1990PTC050255

Company & Directors' Information:- S. Z. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74999WB2011PTC163934

Company & Directors' Information:- S. K. B. HYDRO POWER PRIVATE LIMITED [Active] CIN = U40101HP2011PTC031558

Company & Directors' Information:- P K S CONSTRUCTION CO PRIVATE LIMITED [Active] CIN = U45200HP2004PTC027694

Company & Directors' Information:- P D M POWER PRIVATE LIMITED [Active] CIN = U40104AS2014PTC011780

Company & Directors' Information:- H D G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1988PTC032183

Company & Directors' Information:- S R B CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2004PTC130817

Company & Directors' Information:- S B S POWER PRIVATE LIMITED [Strike Off] CIN = U40100AP2012PTC083965

Company & Directors' Information:- N T C CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201KL2001PTC014853

Company & Directors' Information:- S. P. CONSTRUCTION INDIA PRIVATE LIMITED [Active] CIN = U70100WB2019PTC233077

Company & Directors' Information:- S A M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200HR2020PTC088988

Company & Directors' Information:- C S CONSTRUCTION INDIA PRIVATE LIMITED [Active] CIN = U45200MH2020PTC346811

Company & Directors' Information:- G B CONSTRUCTION COMPANY PVT LTD [Strike Off] CIN = U74210PB1995PTC016038

Company & Directors' Information:- HYDRO INDIA PRIVATE LIMITED [Strike Off] CIN = U93000DL1998PTC096850

Company & Directors' Information:- A K CONSTRUCTION CO PVT LTD [Active] CIN = U45400WB1983PTC035682

Company & Directors' Information:- D. D. A. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45201JH2008PTC013043

Company & Directors' Information:- K. G. G. CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400MN2010PTC008256

Company & Directors' Information:- B & G POWER LIMITED [Active] CIN = U40105PB2010PLC033765

Company & Directors' Information:- G N B B CONSTRUCTION PRIVATE LIMITED [Active] CIN = U70101AS2004PTC007418

Company & Directors' Information:- M E CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45200DL2007PTC171643

Company & Directors' Information:- C S COMPANY CONSTRUCTION LIMITED [Active] CIN = U45201KL1997PLC011174

Company & Directors' Information:- S K CONSTRUCTION PVT LTD [Active] CIN = U45201WB1994PTC065714

Company & Directors' Information:- S POWER PRIVATE LIMITED [Active] CIN = U19202DL1986PTC026505

Company & Directors' Information:- G M POWER PRIVATE LIMITED [Strike Off] CIN = U40105PN2003PTC017857

Company & Directors' Information:- D T M CONSTRUCTION PVT LTD [Active] CIN = U45201WB1978PTC031730

Company & Directors' Information:- D L CONSTRUCTION PVT LTD [Strike Off] CIN = U45400WB1982PTC035570

Company & Directors' Information:- S V G CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1994PTC055629

Company & Directors' Information:- M N P CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH1980PTC022351

Company & Directors' Information:- A H A CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400UP2010PTC040773

Company & Directors' Information:- S T S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U60109WB1996PTC081825

Company & Directors' Information:- POWER INDIA PVT LTD [Strike Off] CIN = U31102WB1983PTC036315

Company & Directors' Information:- J J CONSTRUCTION PVT. LTD [Strike Off] CIN = U45200WB1989PTC046714

Company & Directors' Information:- D P CONSTRUCTION PVT LTD [Strike Off] CIN = U70101WB1987PTC042320

Company & Directors' Information:- G S CONSTRUCTION PVT LTD [Strike Off] CIN = U45201WB1994PTC063238

Company & Directors' Information:- S E CONSTRUCTION PVT LTD [Strike Off] CIN = U45202WB1988PTC044630

Company & Directors' Information:- H K CONSTRUCTION PVT LTD [Active] CIN = U45201GJ1981PTC004160

Company & Directors' Information:- A V CONSTRUCTION CO PVT LTD [Active] CIN = U45202PB1982PTC004971

Company & Directors' Information:- G N CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202OR2000PTC006244

Company & Directors' Information:- S AND S POWER PRIVATE LIMITED [Active] CIN = U40109PY2004PTC001824

Company & Directors' Information:- U S POWER PRIVATE LIMITED [Under Process of Striking Off] CIN = U40103MH2009PTC189364

Company & Directors' Information:- D P T CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45202MH2001PTC131559

Company & Directors' Information:- J CONSTRUCTION INDIA PRIVATE LIMITED [Active] CIN = U45200TZ2012PTC018250

Company & Directors' Information:- S K E CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45202JH2012PTC000666

Company & Directors' Information:- A K G CONSTRUCTION PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U45201DL2005PTC134347

Company & Directors' Information:- L J CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL2005PTC142321

Company & Directors' Information:- R. S. INDIA HYDRO POWER PRIVATE LIMITED [Active] CIN = U40101DL2009PTC186651

Company & Directors' Information:- R H P CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45203MP2001PTC014739

Company & Directors' Information:- K P M POWER PRIVATE LIMITED [Strike Off] CIN = U40102KA2008PTC046804

Company & Directors' Information:- R AND M CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45202UP1994PTC017286

Company & Directors' Information:- B AND R CONSTRUCTION PVT LTD [Strike Off] CIN = U45201AS1990PTC003431

Company & Directors' Information:- J K CONSTRUCTION PVT LTD [Strike Off] CIN = U74210OR1987PTC001858

Company & Directors' Information:- B T CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U70101WB1997PTC085448

Company & Directors' Information:- P V CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U70100DL1998PTC097116

Company & Directors' Information:- M T CONSTRUCTION PVT LTD [Strike Off] CIN = U26933OR1985PTC001496

Company & Directors' Information:- A K CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U29248UR1982PTC005795

Company & Directors' Information:- P B CONSTRUCTION (INDIA) LIMITED [Strike Off] CIN = U01131TN1995PLC032650

Company & Directors' Information:- S K P CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201CT2008PTC020585

Company & Directors' Information:- POWER-X PRIVATE LIMITED [Strike Off] CIN = U99999DL1970PTC005331

Company & Directors' Information:- A P G CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC168160

Company & Directors' Information:- B. CONSTRUCTION PVT. LTD. [Strike Off] CIN = U00894BR1989PTC003616

Company & Directors' Information:- S K POWER INDIA PRIVATE LIMITED [Strike Off] CIN = U31101KA2006PTC039172

Company & Directors' Information:- Y S K CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC134417

Company & Directors' Information:- P K A S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U74899DL2005PTC138117

Company & Directors' Information:- R G M CONSTRUCTION PRIVATE LIMITED [Under Process of Striking Off] CIN = U45200BR1992PTC004863

Company & Directors' Information:- R G D POWER PRIVATE LIMITED [Strike Off] CIN = U41000TG1996PTC023809

Company & Directors' Information:- A TO Z CONSTRUCTION CO PRIVATE LTD [Strike Off] CIN = U70101DL1987PTC029674

Company & Directors' Information:- O S CONSTRUCTION PVT LTD [Strike Off] CIN = U00351JH1990PTC003764

Company & Directors' Information:- NATIONAL CORPORATION PVT LTD [Not available for efiling] CIN = U51909PB1942PTC000480

Company & Directors' Information:- D I CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1994PTC061454

Company & Directors' Information:- S D R ELECTRIC PRIVATE LIMITED [Strike Off] CIN = U40101AP2015PTC096021

Company & Directors' Information:- P N CONSTRUCTION PRIVATE LIMITED [Converted to LLP] CIN = U45201DL2003PTC122894

Company & Directors' Information:- S S POWER CONSTRUCTION CO PVT LTD [Strike Off] CIN = U31909WB1972PTC028554

Company & Directors' Information:- A + E CONSTRUCTION PRIVATE LIMITED [Active] CIN = U74899DL1990PTC042290

Company & Directors' Information:- S N CONSTRUCTION PVT LTD [Strike Off] CIN = U45203OR1983PTC001211

Company & Directors' Information:- M M R POWER PRIVATE LIMITED [Active] CIN = U31104DL2008PTC174079

Company & Directors' Information:- S J POWER PRIVATE LIMITED [Strike Off] CIN = U45207HR2012PTC045937

Company & Directors' Information:- T C POWER PRIVATE LIMITED [Strike Off] CIN = U40101PB2009PTC033405

Company & Directors' Information:- J. K. D. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45209PB2009PTC033102

Company & Directors' Information:- B H CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH2009PTC193976

Company & Directors' Information:- K L G CONSTRUCTION INDIA PRIVATE LIMITED [Strike Off] CIN = U45201MH2015PTC264933

Company & Directors' Information:- J W CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400MH2010PTC198916

Company & Directors' Information:- U N CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400PN2014PTC150730

Company & Directors' Information:- H. & T. POWER PRIVATE LIMITED [Active] CIN = U40106MH2016PTC287646

Company & Directors' Information:- S & O POWER PRIVATE LIMITED [Active] CIN = U40107MH2010PTC206447

Company & Directors' Information:- G T K CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45200MH1996PTC096261

Company & Directors' Information:- J B CONSTRUCTION PVT LTD [Strike Off] CIN = U45200MH2004PTC025668

Company & Directors' Information:- U S CONSTRUCTION AND COMPANY PRIVATE LIMITED [Strike Off] CIN = U45200MH2004PTC149583

Company & Directors' Information:- V D M-POWER PRIVATE LIMITED [Active] CIN = U74999MH2015PTC262999

Company & Directors' Information:- T & D ELECTRIC PRIVATE LIMITED [Strike Off] CIN = U31908TN2012PTC085880

Company & Directors' Information:- L B L ELECTRIC PRIVATE LIMITED [Active] CIN = U31200TZ2005PTC012138

Company & Directors' Information:- G B HYDRO POWER PRIVATE LIMITED [Active] CIN = U40103TG2010PTC067418

Company & Directors' Information:- R M HYDRO POWER PRIVATE LIMITED [Active] CIN = U40109TG2010PTC067300

Company & Directors' Information:- R M J CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U70102UP2010PTC040949

Company & Directors' Information:- A C R POWER PRIVATE LIMITED [Strike Off] CIN = U74900UP2010PTC040987

Company & Directors' Information:- M V CONSTRUCTION COMPANY PVT LTD [Strike Off] CIN = U45400WB1967PTC011413

Company & Directors' Information:- A P L CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45209HP2010PTC031395

Company & Directors' Information:- W N POWER PRIVATE LIMITED [Strike Off] CIN = U40101JK2013PTC004009

Company & Directors' Information:- H AND K CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U70200HP2014PTC000633

Company & Directors' Information:- K & K ELECTRIC COMPANY PRIVATE LIMITED [Converted to LLP] CIN = U31401DL2007PTC164880

Company & Directors' Information:- I. A. A. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45204DL2011PTC220447

Company & Directors' Information:- R M D CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC185164

Company & Directors' Information:- A R M CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2008PTC185770

Company & Directors' Information:- G-5 CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2014PTC265907

Company & Directors' Information:- U P CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2014PTC271791

Company & Directors' Information:- V 2 S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2014PTC273750

Company & Directors' Information:- A T N CONSTRUCTION PRIVATE LIMITED [Active] CIN = U45400DL2015PTC288656

Company & Directors' Information:- I G CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U45201DL1996PTC077365

Company & Directors' Information:- P P S CONSTRUCTION COMPANY PRIVATE LIMITED [Active] CIN = U45201DL2005PTC138608

Company & Directors' Information:- K. C. CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2012PTC231726

Company & Directors' Information:- N R D CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201DL2012PTC244905

Company & Directors' Information:- S A Z CONSTRUCTION COMPANY PRIVATE LIMITED [Strike Off] CIN = U70102DL2014PTC267130

Company & Directors' Information:- A & Z CONSTRUCTION CO. PRIVATE LIMITED [Strike Off] CIN = U70101DL2012PTC231712

Company & Directors' Information:- C K S POWER PRIVATE LIMITED [Strike Off] CIN = U40101KA2010PTC052199

Company & Directors' Information:- G C I POWER PRIVATE LIMITED [Active] CIN = U40107KA2010PTC053656

Company & Directors' Information:- R. C. POWER PRIVATE LIMITED [Strike Off] CIN = U40100GJ2009PTC058005

Company & Directors' Information:- J R J POWER PRIVATE LIMITED [Active] CIN = U40300GJ2015PTC082396

Company & Directors' Information:- B & U CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45203GJ2013PTC075424

Company & Directors' Information:- C P CONSTRUCTION PVT LTD [Strike Off] CIN = U70101WB1988PTC043759

Company & Directors' Information:- K P CONSTRUCTION (INDIA) PVT LTD [Strike Off] CIN = U74210WB1985PTC039394

Company & Directors' Information:- T K CONSTRUCTION PVT LTD [Strike Off] CIN = U74210WB1985PTC039731

Company & Directors' Information:- A P S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45201BR1986PTC002374

Company & Directors' Information:- B P CONSTRUCTION CO PVT LTD [Strike Off] CIN = U95201WB1955PTC022488

Company & Directors' Information:- A R CONSTRUCTION PVT LTD [Strike Off] CIN = U45201CH1988PTC008459

Company & Directors' Information:- A S G CONSTRUCTION CO. PRIVATE LIMITED [Strike Off] CIN = U70200DL1996PTC075278

Company & Directors' Information:- W & C CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45209PN2006PTC129169

Company & Directors' Information:- D V N POWER PRIVATE LIMITED [Strike Off] CIN = U40101TG2007PTC053069

Company & Directors' Information:- T & A CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC164939

Company & Directors' Information:- S R S S CONSTRUCTION PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC176504

Company & Directors' Information:- A. R. POWER PRIVATE LIMITED [Strike Off] CIN = U74999DL2007PTC161616

Company & Directors' Information:- B C R CONSTRUCTION PRIVATE LIMITED [Active] CIN = U99999MH1979PTC021005

Company & Directors' Information:- HINDUSTAN CORPORATION PRIVATE LIMITED [Dissolved] CIN = U74900KL1901PTC000424

Company & Directors' Information:- ELECTRIC POWER CO. LTD. [Not available for efiling] CIN = U99999MH1949PLC006940

Company & Directors' Information:- NATIONAL CORPORATION PRIVATE LIMITED [Not available for efiling] CIN = U99999MH1950PLC009913

    FAO. (OS) (COMM). No. 106 of 2020

    Decided On, 22 September 2020

    At, High Court of Delhi

    By, THE HONOURABLE MR. JUSTICE RAJIV SAHAI ENDLAW & THE HONOURABLE MS. JUSTICE ASHA MENON

    For the Appellant: Dayan Krishnan, Senior Advocate, Jayant Mehta, Rishi Agrawala, Shruti Arora, Ankit Banati, Sanjeevi Seshadri, Advocates. For the Respondent: Maninder Acharya, Senior Advocate, Piyush Sharma, Advocate.



Judgment Text

[Via Video Conferencing]Asha Menon, J.FAO (OS) (COMM) 106/2020, C.M. Appln. No.21839/2020 (of the appellant for stay of impugned judgement and order)1. This is an appeal filed under Section 37 of the Arbitration and Conciliation Act, 1996 (“Act”, for short) read with Section 13 of the Commercial Courts Act, 2015 against the judgment of the learned Single Judge dated 27th August, 2020 dismissing the petition filed by the appellant/Hindustan Construction Co. Ltd. (“HCC”, for short), under Section 9 of the Act seeking an injunction restraining the respondent/ National Hydro-Electric Power Corporation Ltd. (“NHPC”, for short) from invoking/encashing any or all of its Bank Guarantees (BGs) cumulatively worth Rs.214.36 crores.2. The facts as are relevant for the disposal of the present appeal may be set out in brief. The respondent/NHPC being a Public Sector Undertaking involved in the setting up of and execution of hydro-electric power projects in India, invited bids on 25th October, 2006 from pre-qualified bidders for turnkey execution of the 330 MW hydro-electric power plant on the Kishanganga River in Bandipora, Jammu & Kashmir (the “Kishanganga Project”). The bid of the appellant/HCC was accepted on 22nd January, 2009 and a contract was signed between the parties on 9th March, 2009 for the execution of the Kishanganga Project. The scope of the work was defined including the construction of Units I, II & III with power generation capacities of 110 MW each, along with other civil work. The contract price was Rs.19,258,390,000/- and the work was to be completed in 84 months i.e. by 21st January, 2016. As part of its contractual obligations the appellant/HCC was required to furnish Performance Bank Guarantees for Rs.101.32 crores, Retention Bank Guarantees for Rs.107.80 crores and Advance Bank Guarantees for Rs.5.24 crores, which it furnished.3. The appellant/HCC were informed on 20th June, 2020 through email by the ICICI Bank that the respondent/NHPC had invoked two BGs issued by them for Rs.65,00,000.00 and Rs.1,50,00,000 vide letter dated 19th June, 2020. On the same day, again through email, the Punjab National Bank also informed the appellant/HCC that the respondent/NHPC had that day, invoked three BGs issued by them for Rs.1,65,00,000/-, Rs.2,60,00,000/- and Rs.3,36,84,272/-. On 22nd June, 2020, the Jammu and Kashmir Bank also informed them of the request of the respondent/NHPC for the encashment of 11 BGs worth Rs.29,48,38,964/- issued towards Retention Money BG. At this juncture, the appellant/HCC approached the Court to prevent encashment of any of the 48 BGs given by it.4. Initially, on 23rd June, 2020, the Court restrained the respondent/NHPC from encashing 16 of 48 BGs furnished by the appellant/HCC. On 26th June, 2020 however, the Court extended this ad-interim injunction to prevent the encashment of the remaining 32 BGs as well. Ultimately, the learned Single Judge vide the impugned judgement dated 27th August, 2020 concluded, that neither was fraud on the part of the respondent/NHPC established, nor were any special equities existing in favour of the appellant/HCC which could prevail upon the Court to grant an injunction in their favour restraining the respondent/NHPC from encashing the 48 BGs and accordingly dismissed the petition under Section 9 of the Act.5. However, in view of the fact that the respondent/NHPC had been restrained from encashing the BGs during the pendency of the said petition, the learned Single Judge restrained it from encashing the BGs for a further period of ten days from the date of the judgment i.e. 27th August, 2020. We have extended the interim directions till the disposal of the appeal.6. The present appeal has been filed against the conclusions of the learned Single Judge submitting that the appellant/HCC had established fraud and there were special equities in its favour which have been erroneously overlooked by the learned Single Judge. We have heard Mr. Dayan Krishnan Senior Advocate for the appellant/HCC and Ms. Maninder Acharya Senior Advocate for the respondent/NHPC at length and have carefully considered the material on record, particularly in the form of letters exchanged between the parties to which our attention was drawn by both sides.7. On behalf of the appellant/HCC, Mr. Dayan Krishnan keenly urged: (a) the impugned judgment wrongly rejected the principle of proportionality; (b) even if fraud was not disclosed in the making of the BGs, the conduct of the respondent/HCC disclosed fraudulent intent; and, (c) the case of the appellant/HCC was covered under the two exceptions recognized by the courts and that the cumulative impact of all circumstances put together, was to shock the conscience of the court and thus, special equities existed in favour of the appellant/HCC. It was submitted that from March, 2020 to June, 2020 the constant refrain of the respondent/NHPC was that the original documents had not been handed over and therefore, the BGs would be encashed. There was no complaint of the quality of work done. Nor a suggestion that the contract was being terminated. Rather, on 13th February 2020, the Defect Liability Period (“DLP”) was extended to 30th June, 2021 for which period the BGs for a proportionate value of the cost of the balance work could have been kept alive. Furthermore, the admitted position was that work remaining in balance to be completed by 30th June, 2021 was of a cost of Rs.56 crores for which there was no justification for the respondent/NHPC to encash BGs worth more than Rs.214 crores now. Additionally, it was submitted that the respondent/NHPC had not honoured the Arbitral Award dated 14th October, 2019 whereunder it had to pay to the appellant/HCC Rs.163.55 crores, thus putting tremendous financial pressure on the appellant/HCC and it could not be permitted to add to it by encashing the BGs. Therefore, the grant of an injunction against encashment of the BGs was well warranted in the instant case.8. Ms. Maninder Acharya contended, on the other hand, that the learned Single Judge had rightly concluded that neither was there fraud, which in any case had to be of an egregious kind, nor were there any special equities made out in favour of the appellant/HCC. It was pointed out that the communication between the parties and as reproduced in extenso in the impugned judgment, showed that the work had not been completed by the appellant/HCC; that it had not paid its sub-contractors including the BHEL, despite having received the payments from the respondent/NHPC, due to which BHEL had stopped work and heavy losses were being borne by the respondent/NHPC; that it had not paid its workers including statutory payments; it had misused the TIN of the respondent/NHPC saddling it with tax liabilities as reflected in the demand notice; the appellant/HCC was not willing to complete the work as it claimed it had no finances; and, the project arising out of an International Treaty was required to be completed at the earliest and the encashment of the BGs would finance the work now to be got done through some other agency. In short, the respondent/NHPC was entitled to encash the unconditional BGs and other disputes, if any, could not be raised in these proceedings. It was also informed that the respondent/ NHPC were intending to file objections under Section 34 of the Act and had been prevented from doing so only on account of the pandemic situation and it could not be said that the Award had attained finality.9. The law relating to grant of injunctions to restrain the invocation/ encashment of unconditional BGs is well settled. BGs are distinct agreements between the banks and its customers and are independent of the main contract between the customer and the beneficiary and therefore, disputes between the latter two will have no bearing on the obligation of the bank giving such a guarantee to honour its invocation by the beneficiary in terms of the bank guarantee, more so when it is unconditional. The courts are slow to restrain the realization of a BG, but have, however, carved out two exceptions to the rule, one being fraud and the other being special equities in the form of irretrievable harm or injustice being caused if encashment is allowed. [SEE: UP State Sugar Corporation v Sumac International Ltd (1997) 1 SCC 568; Standard Chartered Bank v Heavy Engineering Corporation Ltd 2019 SCC OnLine SC 1638].10. Fraud, calling for the intervention of the court, has to be of an egregious nature. There must be fraud established and mere allegations will not suffice. Fraud in connection with a BG should vitiate its very foundation. It is when the beneficiary seeks to benefit thereby, that the courts will restrain encashment. Fraud must be that of the beneficiary and none else. Injunction can be granted also where the bank itself is proved to have knowledge that the demand for payment of the BG is fraudulent. [SEE: U.P. Coop. Federation Ltd v Singh Consultants And Engineers(P) Ltd. (1988)1 SCC 174; Svenska Handelsbanken v Indian Charge Chrome 3(1994) 1 SCC 502].11. Clearly, in the facts of the present case, these standards for pleading fraud are not made out. It is nobody’s case that the respondent/NHPC has fraudulently invoked the BGs. What is contended is that the respondent/NHPC had threatened to invoke the BGs through its letters, in case the original documents after extension of the BGs were not delivered to them. In the letter dated 13th February, 2020, there was no whisper of the encashment of the BGs. After granting an extension to the DLP till March 2021, according to learned Senior Counsel, the invocation of the BGs on 19th June, 2020 could only reveal a fraudulent design.12. We are unable to agree. The learned Single Judge scrutinized the various letters and rejected the contention that the only ground for threatening to encash the BGs was the non-submission of the originals. We do not find it necessary to reproduce the contents of various letters sent by the parties to each other. Suffice it to note certain facts. The Completion Certificate issued by the Chief Engineer on 20th September, 2018 was not the Final Completion Certificate and records:“However, the contractor is required to complete the balance works listed hereto as Annexure-1,2&3 as per the schedule submitted vide no. HCC/SITE/KG/PM/NHPC/6950 dt. 17.09.2018.Further this Certificate does not absolve the contractor from fulfilling its obligations to complete the balance works of the Project in all respects in accordance with the contract nor of its obligations during the defect liability period.”This Certificate enclosed 18 sheets as Annexures 1, 2 & 3 listing balance E&M works, balance Civil works and balance Hydro-Mech works.Secondly, the correspondence between the parties, particularly by the respondent/NHPC, thereafter, between 7th September, 2019 and 29th December, 2019 were to request the appellant/HCC to complete these works.Thirdly, the letter dated 13th February, 2020, which refers to these previous letters, also indicates the three categories of work that remained incomplete and merely because the respondent/NHPC acknowledged that the civil work was somewhat keeping to the schedule, to say that therefore it was satisfied with the work and had no complaints, is fallacious in the context of it then encashing the BGs.Lastly, since the DLP was extended, in terms of the General Conditions of Contract itself, (Clause 30.2) the BGs were to be kept alive for a period of 15 days after the issuance of the Final Acceptance Certificate in terms of Clause 28 and the respondent/NHPC was well within the terms of the contract to demand renewal of all the BGs, also retaining the right to invoke them, again in terms of the contract and the BGs themselves which were unconditional.13. The appellant/HCC is also aggrieved that the respondent/NHPC had initially invoked the BGs under Clause 30.1 of the contract, but when the original documents were received, it has sought to encash them under Clause 35.1(b) and (h) on the ground of default of the contractor, without adhering to the procedural requirements of certification by the Engineer in-charge and an eight days’ notice and when in fact there were no defaults, as three extensions had been granted by the respondent/NHPC itself for the appellant/HCC to complete the Krishanganga Project and the DLP had been extended by 12 months upto 30th June, 2021. It was submitted that the Completion Certificate had been issued in June and September 2018 and the appellant/HCC was liable only for work to be carried out during the DLP and with the issuance of the letter dated 13th February, 2020, all issues prior thereto had to be considered as settled, as extension could be granted only on satisfactory work having been done and the respondents/NHPC could not be permitted to rake up old issues only to justify invocation of the BGs.14. All these submissions have been countered by the learned Senior Counsel for the respondent/NHPC who read us through the letters in question to point out that at no stage did the respondent/NHPC express satisfaction on the work done. Even as per the Completion Certificate dated 20th September, 2018, several works remained as detailed in the three annexures attached thereto. The respondent/NHPC repeatedly asked the appellant/HCC to complete the works since then but as it had failed to complete the project works, the DLP was extended on 13th February, 2020 for another year in the expectation that the balance work would be completed well within that time period. Therefore, the invocation of the BGs whether under Clause 30.1 or under Clause 35.1(b) & (h) or under Clause 17.5 were valid actions covered by the very terms and conditions of the contract.15. We find force in the contention of the learned Senior Counsel for the respondent/NHPC. A perusal of all the letters placed on record reveal that the appellant/HCC has never disputed that the work has remained incomplete. It is also clear that the Completion Certificate underscored the obligation of the appellant/HCC to complete these works within the DLP, which was subsequently extended on 13th February, 2020 as the work still remained incomplete. Mere extension of the completion time can by no stretch be reckoned as satisfaction, to prevent invocation of performance BGs either because the contractor had failed to faithfully perform its obligations (Clause 30.1) or it failed to commence work, or had suspended the work or had failed to take effective steps for making good the defects etc. (Clause 35.1 (b) & (h). In this context and as is also borne out from the correspondence between the parties, it is to be noted that the BGs furnished by the appellant/HCC had been encashed on an earlier occasion too and the money utilized to complete pending works of the Krishanganga Project. Similar letters have been addressed by the respondent/NHPC to the appellant/HCC intimating it of various payments being made on its behalf, as for example on 23rd April 2020, informing the appellant/HCC of directions issued by the Chairperson, DDMA/ Deputy Commissioner under the Disaster Management Act to pay the labour at site their wages, and which could be recovered from receivables of the appellant/HCC.16. In other words, no fraudulent or deceitful conduct has been made out on the part of the respondent/NHPC in invoking and seeking to encash the BGs. The present invocation appears to be as per the terms of the contract itself, and cannot be described as a fraud, let alone as an egregious fraud. This plea of the appellant/HCC was rightly rejected by the learned Single Judge.17. The law relating to encashment of BGs under the second exception has attained wider dimensions over a period of time. The courts were initially very circumspect and required existence of fraud before it prevented encashment of unconditional BGs. Then it looked into the question of who was in breach of the contract to determine the relief to be granted under special equities. Through various judicial pronouncements the scope of what constitutes special equities was expanded to include cases of irretrievable injury, extraordinary special equities including the impossibility of the guarantor being reimbursed at a later stage if found entitled to the money and the invocation of the BG being not in terms of the BG itself. In the absence of any straight-jacket formula, the courts are required to examine each case to find out whether it falls within these heads.18. Before proceeding further, it would be very useful to refer to the decisions of the Supreme Court in at least two cases. The Supreme Court in U P State Sugar Corporation (supra) held as below:“14. On the question of irretrievable injury which is the second exception to the rule against granting of injunctions when unconditional bank guarantees are sought to be realised the court said in the above case that the irretrievable injury must be of the kind which was the subject-matter of the decision in the Itek Corpn. case [566 Fed Supp 1210] . In that case an exporter in USA entered into an agreement with the Imperial Government of Iran and sought an order terminating its liability on stand by letters of credit issued by an American Bank in favour of an Iranian Bank as part of the contract. The relief was sought on account of the situation created after the Iranian revolution when the American Government cancelled the export licences in relation to Iran and the Iranian Government had forcibly taken 52 American citizens as hostages. The US Government had blocked all Iranian assets under the jurisdiction of United States and had cancelled the export contract. The Court upheld the contention of the exporter that any claim for damages against the purchaser if decreed by the American Courts would not be executable in Iran under these circumstances and realisation of the bank guarantee/letters of credit would cause irreparable harm to the plaintiff. This contention was upheld. To avail of this exception, therefore, exceptional circumstances which make it impossible for the guarantor to reimburse himself if he ultimately succeeds, will have to be decisively established. Clearly, a mere apprehension that the other party will not be able to pay, is not enough. In Itek case [566 Fed Supp 1210] there was a certainty on this issue. Secondly, there was good reason, in that case for the Court to be prima facie satisfied that the guarantors i.e. the bank and its customer would be found entitled to receive the amount paid under the guarantee.”19. Following its decision in U P State Sugar Corporation (supra) the Supreme Court crystallized the law relating to the issue, in Himadri Chemical Industries Ltd v Coal Tar Refining Co. (2007) 8 SCC 110 in these words:“14. From the discussions made hereinabove relating to the principles for grant or refusal to grant of injunction to restrain enforcement of a bank guarantee or a letter of credit, we find that the following principles should be noted in the matter of injunction to restrain the encashment of a bank guarantee or a letter of credit:(i) While dealing with an application for injunction in the course of commercial dealings, and when an unconditional bank guarantee or letter of credit is given or accepted, the beneficiary is entitled to realise such a bank guarantee or a letter of credit in terms thereof irrespective of any pending disputes relating to the terms of the contract.(ii) The bank giving such guarantee is bound to honour it as per its terms irrespective of any dispute raised by its customer.(iii) The courts should be slow in granting an order of injunction to restrain the realisation of a bank guarantee or a letter of credit.(iv) Since a bank guarantee or a letter of credit is an independent and a separate contract and is absolute in nature, the existence of any dispute between the parties to the contract is not a ground for issuing an order of injunction to restrain enforcement of bank guarantees or letters of credit.(v) Fraud of an egregious nature which would vitiate the very foundation of such a bank guarantee or letter of credit and the beneficiary seeks to take advantage of the situation.(vi) Allowing encashment of an unconditional bank guarantee or a letter of credit would result in irretrievable harm or injustice to one of the parties concerned.”20. Applying these principles to the facts of that case, the Supreme Court concluded that no injunction could be granted as fraud or the exceptional circumstances which would make it impossible to reimburse the guarantor were not made out as only an apprehension was expressed. We may add that this decision has been followed by the Supreme Court recently in Standard Chartered Bank (supra).21. It is thus apparent that one of the most important aspects of irretrievable injury would be that it would be impossible for the guarantor to get back the money if it succeeds in any claim against the beneficiary. Such a situation is not even conceivable in the present case as the respondent/NHPC is a Public Sector Undertaking.22. It appears, therefore, necessary to examine whether proportionality would constitute yet another kind of special equities, where relatively speaking, the crystallized liability of the guarantor formed only a small portion of the amount assured by way of BGs. The learned Senior Counsel for the appellant/HCC submitted that in the letter of the appellant/HCC dated 25th May, 2020, it had specifically averred that the balance work that was required to be completed during the extended DLP was worth only Rs.56 crores and this figure has not been disputed by the respondent/NHPC in any of its subsequent communications including dated 12th June, 2020. Since the total value of the BGs was Rs.214.36 crores, it was submitted that only a proportionate amount of BGs may be permitted to be encashed by the respondent/NTPC if at all and the balance BGs be returned by it in terms of the request made by the appellant/HCC vide its letter dated 7th April, 2020. Reliance has been placed by the learned Senior Counsel on two Single Bench orders of this Court in Bhushan Power & Steel Ltd. & Anr. V Union of India W.P.(C) 7740/2015 and M/S D B Power Ltd v Union of India W.P.(C) 7583/2012, to support this plea.23. The learned Senior Counsel also submitted that the respondent/NHPC were required to pay a sum of Rs.164 crores under an Award, and had not done so till date. This sum had also to be offset and the respondent/NHPC could not be permitted to encash BGs worth a sum of Rs.214.36 crores.24. Finally, with regard to the tax demand notice, it was contended that since the exact tax liability was yet to be determined pursuant to the notice, encashment of the BGs could not be justified on this ground. At best, it could be covered by the furnishing of a BG of adequate value but the respondent/NHPC could not be allowed to encash the 48 BGs already furnished without a definite tax demand being even raised.25. It may be noted at this juncture that neither of the two orders relied upon by the learned Senior Counsel for the appellant/HCC actually lays down any principle of proportionality because in both the cases the Union of India had agreed to the reduced value of the BGs to be furnished by the petitioners in those cases. Secondly, in both the cases the exact liabilities were spelt out. In Bhushan Power & Steel Ltd (supra), the forfeiture was for a sum of Rs.6.4995 crores whereas the value of the BG was Rs.34.19 crores. In M/s D B Power Ltd. (supra), the BG was worth Rs.17.60 crores against a liability for damages if at all payable by the petitioner, only to the tune of Rs.4.40 crores. Thus, in both these cases the BGs were modified for the lower sum. Such a situation does not prevail here.26. One of the letters dated 22nd April, 2020 written by the respondent/NHPC to the appellant/HCC explained in detail as to how it had failed to discharge its statutory obligation of paying the labour force directly engaged by it, and how the encashment of the BGs would pay for such obligations. It is also significant to note that in several responses the appellant/HCC acknowledged that the respondent/NHPC had infused finances to make payments on its behalf and made further requests for continued payments by the respondent/NHPC to pay ‘third parties’ and set it off against the receivables of the appellant/HCC with interest. Such requests made by the appellant/HCC would actually lend justification for the encashment of the BGs.27. It is in this letter dated 22nd April, 2020 that the respondent/NHPC reminded the appellant/HCC that work of the costs of Rs.100 crores remained to be executed of the Krishanganga Project which included not merely civil work but also work of HM & E&M and had asked the appellant/HCC to submit actionable detailed schedule to take up the balance work. In its reply dated 25th May, 2020, the appellant/HCC had placed a figure of Rs.56 crores only for the balance work but had annexed only the list of balance civil work. It also admitted in the said letter that the updated lists for completed and balance HM & E&M works were awaited from the sub-contractor BHEL. In such a factual situation, it is not possible to conclusively peg the costs of the balance work at Rs.56 crores. In fact in its letter dated 22nd July, 2020, (at page 2207 of

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the paper-book) referencing its earlier letter dated 25th May, 2020, the appellant/HCC sent the revised schedule for all three categories of work i.e. Civil, HM and E&M vide three separate annexures. Interestingly, it also sought the release of Rs.58 crores to start the work!28. As regards the Award, the learned Senior Counsel for the respondent/NHPC has informed that objections were to be filed. In any case, in the backdrop of the fact that work remains to be completed and BGs to the tune of 5% of the cost of the Project were contractually required to be furnished by the appellant/HCC the validity of which was to continue for 15 days beyond the date of Final Acceptance, the existence of the Award in favour of the appellant/HCC has no relevance.29. As regards the argument submitted that even if the tax liability was yet to be determined, the respondent/NHPC was required to make provision for the amount demanded as per the notice of Rs.22,30,89,058/- (in notice dated 4th May, 2019) or more, and which was allegedly a direct result of the misuse of the TIN of the respondent/NHPC by the appellant/HCC and so was already a burden on it and encashment could not be deferred as if it was a future liability which could be covered by furnishing fresh BGs, we do not have anything to say except that it may give rise to a claim against the appellant/HCC.30. While proportionality could be included in the exception of special equities, in our view, it can be applied only where the crystallized liability is significantly lower than the value of the BG furnished and the contract is a concluded one.31. In the present case, neither condition prevails. The contract is not a concluded one. Neither has it been terminated. The liabilities are not crystallized. There were also several payments that had been made by the respondent/NHPC on behalf of the appellant/HCC. As pointed out by the learned Senior Counsel for the respondent/NHPC, though it had extended the DLP, the stand of the appellant/HCC in its communications has been that it had no finances to proceed to complete the pending work and the respondent/NHPC should pitch in with the money. It is, thus, clear that the respondent/NHPC may have to get the work completed from some other agency at the risk and cost of the appellant/HCC which justified the respondent/NHPC encashing the existing BGs.32. Suffice for our purposes that all the facts highlighted by the learned Senior Counsel for the appellant/HCC do not disclose special equities in favour of the appellant/HCC.33. In other words, encashment of the unconditional BGs will not result in irretrievable injury to the appellant/HCC requiring this Court to take a view different from the very well considered view taken by the learned Single Judge.34. The appeal is dismissed as being devoid of merit.
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