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



Techno Unique Infratech Private Limited v/s Gammon Infrastructure Projects Limited & Others


Company & Directors' Information:- GAMMON INDIA LIMITED [Active] CIN = L74999MH1922PLC000997

Company & Directors' Information:- GAMMON INFRASTRUCTURE PROJECTS LIMITED [Active] CIN = L45203MH2001PLC131728

Company & Directors' Information:- C AND C PROJECTS LIMITED [Active] CIN = U74999HR2007PLC036644

Company & Directors' Information:- G K S INFRASTRUCTURE LIMITED [Active] CIN = L45400DL1985PLC021038

Company & Directors' Information:- A INFRASTRUCTURE LIMITED [Active] CIN = L25191RJ1980PLC002077

Company & Directors' Information:- Y K M PROJECTS PRIVATE LIMITED [Active] CIN = U40109TG2008PTC057263

Company & Directors' Information:- K D P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL1993PTC054780

Company & Directors' Information:- K P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203GJ2004PTC043482

Company & Directors' Information:- C INFRASTRUCTURE CORPORATION LIMITED [Strike Off] CIN = U61100DL1982PLC013968

Company & Directors' Information:- K L S R INFRATECH LIMITED [Active] CIN = U45400TG2011PLC072158

Company & Directors' Information:- B & G INFRASTRUCTURE COMPANY PRIVATE LIMITED [Active] CIN = U40105TN2001PTC047408

Company & Directors' Information:- K J INFRASTRUCTURE PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45203PN2008PTC131551

Company & Directors' Information:- D. E. C. INFRASTRUCTURE AND PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U45209TG2008PTC060557

Company & Directors' Information:- O B INFRASTRUCTURE LIMITED [Active] CIN = U45200TG2006PLC049067

Company & Directors' Information:- G R INFRATECH PRIVATE LIMITED [Active] CIN = U45201RJ2010PTC031015

Company & Directors' Information:- G R INFRATECH PRIVATE LIMITED [Amalgamated] CIN = U45201GJ2010PTC098472

Company & Directors' Information:- K U INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45206TG2008PTC096209

Company & Directors' Information:- T G R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45200KA2012PTC062702

Company & Directors' Information:- Y T INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202MH2010PTC206409

Company & Directors' Information:- S G PROJECTS LIMITED [Active] CIN = U65999WB1990PLC049684

Company & Directors' Information:- B C C PROJECTS PVT LTD [Active] CIN = U74899DL2001PTC112102

Company & Directors' Information:- J K S PROJECTS LIMITED [Active] CIN = U45400WB2011PLC157565

Company & Directors' Information:- TECHNO UNIQUE INFRATECH PRIVATE LIMITED [Active] CIN = U70102TG2012PTC084540

Company & Directors' Information:- R T INFRATECH PRIVATE LIMITED [Active] CIN = U45400WB2011PTC160181

Company & Directors' Information:- N K B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200HR2011PTC042402

Company & Directors' Information:- D M P PROJECTS PVT LTD [Active] CIN = U27109WB2006PTC107513

Company & Directors' Information:- R K D INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209WB2009PTC131919

Company & Directors' Information:- T & T PROJECTS LIMITED [Active] CIN = U45201AS2008PLC008641

Company & Directors' Information:- W AND W PROJECTS PRIVATE LIMITED [Active] CIN = U65910DL1989PTC036754

Company & Directors' Information:- E M C PROJECTS PVT LTD [Active] CIN = U29248WB1964PTC026261

Company & Directors' Information:- B AND B INFRASTRUCTURE LIMITED [Active] CIN = U85110KA1987PLC008488

Company & Directors' Information:- K A J INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101DL2011PTC217204

Company & Directors' Information:- H AND V PROJECTS PRIVATE LIMITED [Active] CIN = U72400DL2011PTC220047

Company & Directors' Information:- TECHNO INFRATECH PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U21014AP1971PTC001436

Company & Directors' Information:- M A PROJECTS PRIVATE LIMITED [Active] CIN = U70101DL2005PTC135093

Company & Directors' Information:- S. V. S. PROJECTS PRIVATE LIMITED [Active] CIN = U70100AP1998PTC029024

Company & Directors' Information:- M V PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U45202KA2008PTC045272

Company & Directors' Information:- S V S PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45200AP2015PTC096787

Company & Directors' Information:- U C C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2003PTC139844

Company & Directors' Information:- R L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102UP2010PTC041755

Company & Directors' Information:- L K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2010PTC203711

Company & Directors' Information:- A T E PROJECTS PRIVATE LIMITED [Active] CIN = U74999DL1999PTC102246

Company & Directors' Information:- B S R INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70101KA2006PTC038204

Company & Directors' Information:- B N A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2006PTC163769

Company & Directors' Information:- U W T PROJECTS LIMITED [Active] CIN = U45200AP2004PLC043198

Company & Directors' Information:- J J PROJECTS PVT LTD [Active] CIN = U24231WB1986PTC040246

Company & Directors' Information:- S K J INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45102MH2001PTC131284

Company & Directors' Information:- K B A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202MH2009PTC194291

Company & Directors' Information:- Z H PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400WB2012PTC184307

Company & Directors' Information:- V P M INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400TN2011PTC082368

Company & Directors' Information:- K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201GJ2009PTC056299

Company & Directors' Information:- K & J PROJECTS PRIVATE LIMITED [Active] CIN = U45203MH2004PTC150165

Company & Directors' Information:- T & I PROJECTS LTD [Active] CIN = L29130WB1984PLC038232

Company & Directors' Information:- N. H. INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2013PTC057055

Company & Directors' Information:- B 2 R PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2013PTC189971

Company & Directors' Information:- D K S INFRATECH INDIA PRIVATE LIMITED [Active] CIN = U45400UP2015PTC070754

Company & Directors' Information:- D G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45401MH2004PTC146369

Company & Directors' Information:- C M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC130580

Company & Directors' Information:- E K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200TN2008PTC066962

Company & Directors' Information:- P. N. A. INFRATECH PRIVATE LIMITED [Active] CIN = U45200UP2006PTC061782

Company & Directors' Information:- A & A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL1976PTC008196

Company & Directors' Information:- K L N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100KA2013PTC070361

Company & Directors' Information:- N G PROJECTS LIMITED [Active] CIN = U45201GJ2003PLC042152

Company & Directors' Information:- E AND C PROJECTS PRIVATE LIMITED [Active] CIN = U29150DL2002PTC115297

Company & Directors' Information:- S K INFRATECH PRIVATE LIMITED [Active] CIN = U70102DL2009PTC195508

Company & Directors' Information:- C P INFRASTRUCTURE PVT LTD [Active] CIN = U45201DL2005PTC143865

Company & Directors' Information:- B. D. R. PROJECTS PRIVATE LIMITED [Active] CIN = U45202TG1998PTC028780

Company & Directors' Information:- G. R. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2005PTC152633

Company & Directors' Information:- R P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2003PTC141340

Company & Directors' Information:- K. J. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201MH2006PTC165014

Company & Directors' Information:- B E INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2010PTC040469

Company & Directors' Information:- B S Y INFRASTRUCTURE PRIVATE LIMITED. [Active] CIN = U70101HR2006PTC064456

Company & Directors' Information:- N. M. INFRATECH PRIVATE LIMITED [Active] CIN = U45201CT2010PTC021959

Company & Directors' Information:- V AND S PROJECTS PRIVATE LIMITED [Active] CIN = U70109DL1996PTC079487

Company & Directors' Information:- L S R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U07010KA2005PTC036041

Company & Directors' Information:- A K INFRATECH INDIA PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC166364

Company & Directors' Information:- V R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400AP2007PTC054901

Company & Directors' Information:- D C R PROJECTS PRIVATE LIMITED [Active] CIN = U45209TG2007PTC056307

Company & Directors' Information:- M AND S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400TN2011PTC083038

Company & Directors' Information:- G B K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202MH2008PTC177202

Company & Directors' Information:- G K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200GJ2005PTC046213

Company & Directors' Information:- R. R. PROJECTS PVT LTD [Active] CIN = U45200TG1982PTC003711

Company & Directors' Information:- S H PROJECTS PRIVATE LIMITED [Active] CIN = U74996DL2006PTC149971

Company & Directors' Information:- G S M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2004PTC125377

Company & Directors' Information:- N P INFRATECH PRIVATE LIMITED [Active] CIN = U45400UP2010PTC041169

Company & Directors' Information:- S R PROJECTS INDIA PVT LTD [Active] CIN = U45207WB1981PTC033286

Company & Directors' Information:- L E PROJECTS PRIVATE LIMITED [Active] CIN = U45303WB2005PTC102555

Company & Directors' Information:- V K M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400UP2008PTC034606

Company & Directors' Information:- M. S. PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2009PTC131902

Company & Directors' Information:- J V PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC069037

Company & Directors' Information:- A V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203WB2006PTC111599

Company & Directors' Information:- B N PROJECTS PRIVATE LIMITED [Active] CIN = U45201GJ2009PTC058067

Company & Directors' Information:- S. J. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2006PTC155904

Company & Directors' Information:- P M TECHNO PRIVATE LIMITED [Active] CIN = U29298KA2011PTC061171

Company & Directors' Information:- B. N. S. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400MH2010PTC206202

Company & Directors' Information:- J P PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB2011PTC165990

Company & Directors' Information:- B G M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400WB2011PTC162415

Company & Directors' Information:- R K PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC043660

Company & Directors' Information:- G T B INFRATECH PRIVATE LIMITED [Active] CIN = U70102DL2013PTC262831

Company & Directors' Information:- A B PROJECTS PRIVATE LIMITED [Active] CIN = U45200MH2004PTC149404

Company & Directors' Information:- S M V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2006PTC155016

Company & Directors' Information:- K S INFRASTRUCTURE PRIVATE LIMITED. [Active] CIN = U70101MP2006PTC020722

Company & Directors' Information:- D. L. INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2012PTC051029

Company & Directors' Information:- H S INFRATECH PRIVATE LIMITED [Active] CIN = U45200DL2007PTC171389

Company & Directors' Information:- A K PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201TG1996PTC023179

Company & Directors' Information:- S N M PROJECTS PRIVATE LIMITED [Active] CIN = U70102UP2010PTC040243

Company & Directors' Information:- K B S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101DL2005PTC136641

Company & Directors' Information:- D L H INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U52600JH2010PTC014524

Company & Directors' Information:- S N N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202KA2011PTC059893

Company & Directors' Information:- INDIA INFRASTRUCTURE PROJECTS LIMITED [Active] CIN = U45400UP2009PLC037401

Company & Directors' Information:- M. L. INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70102UP2012PTC049517

Company & Directors' Information:- V. S. INFRATECH (INDIA) PRIVATE LIMITED [Active] CIN = U45400UP2008PTC035313

Company & Directors' Information:- G. V. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400DL2012PTC234078

Company & Directors' Information:- K A S INFRATECH PRIVATE LIMITED [Active] CIN = U70100DL2014PTC264637

Company & Directors' Information:- S. J. INFRATECH PRIVATE LIMITED [Active] CIN = U45201GJ2008PTC055572

Company & Directors' Information:- S A P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC141285

Company & Directors' Information:- D H INFRATECH PRIVATE LIMITED [Active] CIN = U72200WB2007PTC114579

Company & Directors' Information:- K S K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC175908

Company & Directors' Information:- J AND H PROJECTS PRIVATE LIMITED [Active] CIN = U45200GJ2013PTC074010

Company & Directors' Information:- N P L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400CH2009PTC031638

Company & Directors' Information:- K. E. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2012PTC225658

Company & Directors' Information:- N S PROJECTS PRIVATE LIMITED [Active] CIN = U70101WB2007PTC117882

Company & Directors' Information:- H S PROJECTS PRIVATE LIMITED [Active] CIN = U45208DL2006PTC153706

Company & Directors' Information:- N M PROJECTS PRIVATE LIMITED [Active] CIN = U29219DL2009PTC186728

Company & Directors' Information:- P A S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2006PTC155015

Company & Directors' Information:- K. V. PROJECTS PRIVATE LIMITED [Active] CIN = U70102WB2012PTC188439

Company & Directors' Information:- G R S PROJECTS & INFRASTRUCTURE PRIVATE LIMITED . [Active] CIN = U45200WB2007PTC113238

Company & Directors' Information:- A R K TECHNO PRIVATE LIMITED. [Active] CIN = U34300PB2008PTC032368

Company & Directors' Information:- P AND S INFRATECH PRIVATE LIMITED [Active] CIN = U45201OR2008PTC010495

Company & Directors' Information:- K R S PROJECTS PRIVATE LIMITED [Active] CIN = U70102AP2012PTC082232

Company & Directors' Information:- G S T INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2006PTC160073

Company & Directors' Information:- K K TECHNO PRIVATE LIMITED [Active] CIN = U28939DL2008PTC177636

Company & Directors' Information:- B S C PROJECTS PRIVATE LIMITED [Active] CIN = U45200DL2011PTC227768

Company & Directors' Information:- D S INFRATECH PRIVATE LIMITED [Active] CIN = U45400HR2010PTC040726

Company & Directors' Information:- J K PROJECTS PRIVATE LIMITED [Active] CIN = U45203GJ2001PTC039576

Company & Directors' Information:- F C C PROJECTS PRIVATE LIMITED [Active] CIN = U29248UP1982PTC005786

Company & Directors' Information:- S N PROJECTS LIMITED [Active] CIN = U85110KA1996PLC021040

Company & Directors' Information:- B. D. PROJECTS PRIVATE LIMITED [Amalgamated] CIN = U45400WB2010PTC147620

Company & Directors' Information:- C & I PROJECTS PRIVATE LIMITED [Active] CIN = U29100DL2010PTC209136

Company & Directors' Information:- C & I PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2010PTC209136

Company & Directors' Information:- C B PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB1997PTC085237

Company & Directors' Information:- G G PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL1998PTC091501

Company & Directors' Information:- D N R INFRATECH INDIA PRIVATE LIMITED [Strike Off] CIN = U45200TG2011PTC072007

Company & Directors' Information:- P J INFRASTRUCTURE PVT LTD [Active] CIN = U45200MH2006PTC159217

Company & Directors' Information:- V M G PROJECTS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45400WB2011PTC164117

Company & Directors' Information:- A TO Z INFRATECH PRIVATE LIMITED [Amalgamated] CIN = U45400DL2008PTC173245

Company & Directors' Information:- S B M INFRASTRUCTURE LIMITED [Active] CIN = U70102CH1992PLC012381

Company & Directors' Information:- A V C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102TG2007PTC056671

Company & Directors' Information:- M. L. PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2010PTC151513

Company & Directors' Information:- R N D PROJECTS PRIVATE LIMITED [Active] CIN = U70102DL1996PTC080051

Company & Directors' Information:- K M B INFRASTRUCTURE PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45203TZ2002PTC010399

Company & Directors' Information:- B D INFRATECH PRIVATE LIMITED [Active] CIN = U74900UP2010PTC040295

Company & Directors' Information:- V D INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400WB2008PTC122820

Company & Directors' Information:- M. K. N. PROJECTS PRIVATE LIMITED [Active] CIN = U70101DL2009PTC196755

Company & Directors' Information:- M B R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45300KA2009PTC049005

Company & Directors' Information:- G S P PROJECTS PRIVATE LIMITED [Active] CIN = U45201WB1992PTC057116

Company & Directors' Information:- K P S PROJECTS PRIVATE LIMITED [Active] CIN = U70102TG2005PTC046280

Company & Directors' Information:- AT INFRATECH PRIVATE LIMITED [Strike Off] CIN = U17291DL1994PTC063808

Company & Directors' Information:- E AND V PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70102TG2004PTC042622

Company & Directors' Information:- T M R PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2010ULT211007

Company & Directors' Information:- A R S INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45201DL2012PTC233450

Company & Directors' Information:- I V M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2011PTC073968

Company & Directors' Information:- P A PROJECTS PRIVATE LIMITED [Active] CIN = U45208WB1997PTC083907

Company & Directors' Information:- P L TECHNO PRIVATE LIMITED [Active] CIN = U74900DL2008PTC180740

Company & Directors' Information:- N K D PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2008PTC128819

Company & Directors' Information:- A I PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45203WB2000PTC091229

Company & Directors' Information:- P N PROJECTS PRIVATE LIMITED [Active] CIN = U45202DL2016PTC289494

Company & Directors' Information:- P R INFRATECH PRIVATE LIMITED [Active] CIN = U45400DL2008PTC184432

Company & Directors' Information:- U S INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U74999DL2002PTC117525

Company & Directors' Information:- N N INFRATECH PRIVATE LIMITED [Active] CIN = U45200DL2012PTC233232

Company & Directors' Information:- C AND N INFRATECH INDIA PRIVATE LIMITED [Active] CIN = U45200AP2014PTC095393

Company & Directors' Information:- J. B. INFRATECH INDIA PRIVATE LIMITED [Active] CIN = U45202KA2007PTC041469

Company & Directors' Information:- B G R INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202KA2012PTC065026

Company & Directors' Information:- N. R. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202GJ2006PTC049520

Company & Directors' Information:- T G INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45204DL2011PTC225866

Company & Directors' Information:- V AND M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2005PTC139731

Company & Directors' Information:- K. G. R INFRASTRUCTURE PRIVATE LIMITED. [Strike Off] CIN = U70102DL2008PTC177822

Company & Directors' Information:- A L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2008PTC184347

Company & Directors' Information:- K K PROJECTS PVT LTD [Strike Off] CIN = U70200WB1995PTC073058

Company & Directors' Information:- N B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201OR2008PTC009989

Company & Directors' Information:- K & B INFRATECH PRIVATE LIMITED [Active] CIN = U45201OR2011PTC013295

Company & Directors' Information:- C. I. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203MP2005PTC018149

Company & Directors' Information:- S P INFRATECH PRIVATE LIMITED [Active] CIN = U28113DL2009PTC193089

Company & Directors' Information:- S L PROJECTS PRIVATE LIMITED [Active] CIN = U45400AN2009PTC000109

Company & Directors' Information:- TECHNO PROJECTS PVT LTD [Active] CIN = U74210WB1967PTC027071

Company & Directors' Information:- S G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201RJ1999PTC015467

Company & Directors' Information:- PROJECTS PVT LTD [Strike Off] CIN = U45201WB1951PTC019759

Company & Directors' Information:- H L INFRATECH PRIVATE LIMITED [Active] CIN = U72900DL2007PTC163051

Company & Directors' Information:- D I F INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2015PTC070328

Company & Directors' Information:- M K INFRATECH PRIVATE LIMITED [Strike Off] CIN = U74140AS2009PTC009273

Company & Directors' Information:- B. P. INFRATECH PRIVATE LIMITED [Active] CIN = U74120UP2012PTC050141

Company & Directors' Information:- V K M PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2011PTC045725

Company & Directors' Information:- K P PROJECTS PVT LTD [Active] CIN = U70101WB1996PTC077397

Company & Directors' Information:- J N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201OR2008PTC009789

Company & Directors' Information:- P G INFRATECH PRIVATE LIMITED [Active] CIN = U45201OR2010PTC011981

Company & Directors' Information:- C R PROJECTS PRIVATE LIMITED [Active] CIN = U45400PB2009PTC032572

Company & Directors' Information:- N D B K PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U27100PB2012PTC036987

Company & Directors' Information:- K C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200PB2008PTC032011

Company & Directors' Information:- C C I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201TN2007PTC063617

Company & Directors' Information:- N P R PROJECTS INDIA PRIVATE LIMITED [Strike Off] CIN = U45400TN2012PTC086360

Company & Directors' Information:- G P N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U18101TZ2006PTC012749

Company & Directors' Information:- A Q INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2010PTC203965

Company & Directors' Information:- A B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2004PTC144994

Company & Directors' Information:- S H A INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400UP2012PTC049795

Company & Directors' Information:- V K R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC046370

Company & Directors' Information:- L V S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200TG2006PTC051289

Company & Directors' Information:- G S L INFRATECH INDIA PRIVATE LIMITED [Active] CIN = U70102UP2014PTC067435

Company & Directors' Information:- I N C PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB2005PTC101620

Company & Directors' Information:- J. S. PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2009PTC136510

Company & Directors' Information:- H C S INFRASTRUCTURE PROJECTS PRIVATE LIMITED [Active] CIN = U45209CH2011PTC032723

Company & Directors' Information:- V H B INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC172682

Company & Directors' Information:- G A V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74999DL2007PTC158113

Company & Directors' Information:- D J PROJECTS PRIVATE LIMITED [Active] CIN = U15201DL2005PTC134979

Company & Directors' Information:- M S C K PROJECTS PRIVATE LIMITED [Converted to LLP] CIN = U70101DL2005PTC135407

Company & Directors' Information:- S & I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400HR2007PTC037191

Company & Directors' Information:- V V S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100KA2015PTC084214

Company & Directors' Information:- D L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201CT2018PTC008919

Company & Directors' Information:- G. H. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45309UP2020PTC126090

Company & Directors' Information:- UNIQUE INDIA PRIVATE LIMITED [Strike Off] CIN = U65999DL1985PTC021157

Company & Directors' Information:- TECHNO INFRASTRUCTURE COMPANY PRIVATE LIMITED [Strike Off] CIN = U70109DL2006PTC154889

Company & Directors' Information:- T AND M PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201KA2008PTC045199

Company & Directors' Information:- S AND S INFRASTRUCTURE PROJECTS INDIA PRIVATE LIMITED [Strike Off] CIN = U45203KA2007PTC042147

Company & Directors' Information:- P J K INFRATECH INDIA LIMITED [Strike Off] CIN = U70109PB2013PLC037175

Company & Directors' Information:- L R INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45402TN2007PTC064029

Company & Directors' Information:- G. D. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45209MH2010PTC208011

Company & Directors' Information:- G N R INFRASTRUCTURE (INDIA) LIMITED [Strike Off] CIN = U45200TG2009PLC065140

Company & Directors' Information:- A R K INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U74900TG2015PTC100714

Company & Directors' Information:- A C G PROJECTS PRIVATE LIMITED [Active] CIN = U45201UP1999PTC024162

Company & Directors' Information:- N E PROJECTS LTD [Strike Off] CIN = U16009AS1999PLC005873

Company & Directors' Information:- B AND H INFRATECH LIMITED [Active] CIN = U45209CH2010PLC032536

Company & Directors' Information:- B K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC136992

Company & Directors' Information:- R M TECHNO PRIVATE LIMITED [Active] CIN = U72200DL2001PTC112397

Company & Directors' Information:- D R PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL2001PTC109612

Company & Directors' Information:- R A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL2005PTC143884

Company & Directors' Information:- T V A INFRATECH LIMITED [Strike Off] CIN = U70109DL2006PLC154309

Company & Directors' Information:- M P INFRATECH LIMITED [Strike Off] CIN = U45200MP2010PLC024751

Company & Directors' Information:- C. A. D. INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U45201MP1997PTC012280

Company & Directors' Information:- C L INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70102HR2012PTC045548

Company & Directors' Information:- I J PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70102KA2009PTC049320

Company & Directors' Information:- G C N PROJECTS PRIVATE LIMITED [Active] CIN = U45200KA2011PTC061371

Company & Directors' Information:- B R G INFRASTRUCTURE LIMITED [Active] CIN = U45201GJ2008PLC052708

Company & Directors' Information:- O P L INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70101HR2009PTC039553

Company & Directors' Information:- B. M. INFRATECH PRIVATE LIMITED [Under Process of Striking Off] CIN = U45204DL2010PTC201732

Company & Directors' Information:- L N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45200TG2004PTC043064

Company & Directors' Information:- C M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2003PTC122794

Company & Directors' Information:- H B PROJECTS PVT LTD [Amalgamated] CIN = U45201WB1993PTC058846

Company & Directors' Information:- I. T. G PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC063342

Company & Directors' Information:- L & C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200KA2008PTC046271

Company & Directors' Information:- R. S. V. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70100WB2008PTC127373

Company & Directors' Information:- P. S. PROJECTS PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70109WB2011PTC170655

Company & Directors' Information:- R B TECHNO PVT LTD [Strike Off] CIN = U32101WB1988PTC043936

Company & Directors' Information:- F & B INFRATECH PRIVATE LIMITED [Strike Off] CIN = U55101AS2010PTC010219

Company & Directors' Information:- S. R. INFRATECH PRIVATE LIMITED [Active] CIN = U45200MH2009PTC190243

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Company & Directors' Information:- V & B INFRASTRUCTURE (I) PRIVATE LIMITED [Under Process of Striking Off] CIN = U45400MH2010PTC206803

Company & Directors' Information:- A R N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45202MH2010PTC199122

Company & Directors' Information:- D B G INFRASTRUCTURE (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45209PN2010PTC137319

Company & Directors' Information:- C & C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74210PN2008PTC133179

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Company & Directors' Information:- F S INFRATECH PRIVATE LIMITED [Active] CIN = U45400UP2012PTC053508

Company & Directors' Information:- S C N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U67200TG1995PTC021606

Company & Directors' Information:- C H S INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45200TG2013PTC085657

Company & Directors' Information:- Z S INFRATECH PRIVATE LIMITED [Under Process of Striking Off] CIN = U70102UP2013PTC055750

Company & Directors' Information:- A G H INFRATECH PRIVATE LIMITED [Active] CIN = U45202UP2013PTC060726

Company & Directors' Information:- S P H R INFRASTRUCTURE PVT LTD [Strike Off] CIN = U45209WB2006PTC109280

Company & Directors' Information:- A P INFRATECH PROJECTS PRIVATE LIMITED [Active] CIN = U45400CH2008PTC031429

Company & Directors' Information:- S P PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U45400DL2010PTC203910

Company & Directors' Information:- J V INFRASTRUCTURE PRIVATE LIMITED [Under Process of Striking Off] CIN = U45201DL2005PTC139686

Company & Directors' Information:- T P INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45201DL2012PTC241787

Company & Directors' Information:- S I S INFRASTRUCTURE PRIVATE LIMITED [Under Process of Striking Off] CIN = U70200DL2014PTC263278

Company & Directors' Information:- D K INFRATECH PRIVATE LIMITED [Active] CIN = U70102DL2009PTC193848

Company & Directors' Information:- A S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084029

Company & Directors' Information:- P G INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP] CIN = U70109DL1996PTC084030

Company & Directors' Information:- B S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084031

Company & Directors' Information:- M S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084032

Company & Directors' Information:- U. P. INFRATECH PRIVATE LIMITED [Active] CIN = U45200DL2008PTC174142

Company & Directors' Information:- J R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70109HR2012PTC045119

Company & Directors' Information:- C N R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45201KA2007PTC041355

Company & Directors' Information:- Z M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200GJ2010PTC063179

Company & Directors' Information:- J B C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203PN1998PTC112753

Company & Directors' Information:- TECHNO PROJECTS PRIVATE LIMITED [Strike Off] CIN = U74210KA1979PTC003544

Company & Directors' Information:- INFRASTRUCTURE PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45203DL1997PTC087330

Company & Directors' Information:- J K L INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203TG1998PTC030087

Company & Directors' Information:- R L E S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45309TN2008PTC069251

Company & Directors' Information:- A J PROJECTS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45201MH2006PTC164622

Company & Directors' Information:- INFRATECH INDIA PVT LTD [Strike Off] CIN = U99999DL1997PTC084925

Company & Directors' Information:- I I C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70109DL2006PTC152588

Company & Directors' Information:- A S P INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45200DL2008PTC176484

Company & Directors' Information:- H. G. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2007PTC049740

Company & Directors' Information:- AND INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74999PY2016PTC008099

Company & Directors' Information:- A N B INFRASTRUCTURE PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2007PTC162673

Company & Directors' Information:- J M PROJECTS PRIVATE LIMITED [Active] CIN = U45200MP2007PTC019336

Company & Directors' Information:- J INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70200UR2012PTC000254

Company & Directors' Information:- T S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100MP2008PTC021187

Company & Directors' Information:- G T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200GJ2011PTC064637

Company & Directors' Information:- G L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201GJ2007PTC050660

Company & Directors' Information:- UNIQUE TECHNO PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1981PTC012281

Company & Directors' Information:- L S S PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2013PTC059508

Company & Directors' Information:- M I J INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2004PTC125213

Company & Directors' Information:- B T INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202GJ2004PTC043463

Company & Directors' Information:- A TO Z PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70101DL1995PTC069527

Company & Directors' Information:- M S INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC164458

Company & Directors' Information:- G I T T PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201TG2006PTC051193

Company & Directors' Information:- S B H INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U60231MH2011PTC217039

Company & Directors' Information:- Z & I PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45309TN2007PTC064972

Company & Directors' Information:- Z & B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70200MH2007PTC166887

Company & Directors' Information:- B. G. PROJECTS PRIVATE LIMITED [Active] CIN = U45400MH2012PTC231270

Company & Directors' Information:- S & O INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2011PTC214034

Company & Directors' Information:- D P S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200MH2006PTC159955

Company & Directors' Information:- P S R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45400TG2015PTC101191

Company & Directors' Information:- J & T INFRATECH PRIVATE LIMITED [Active] CIN = U45400UP2010PTC042532

Company & Directors' Information:- S F S INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400UP2011PTC043142

Company & Directors' Information:- G. L. INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400UP2011PTC045841

Company & Directors' Information:- C & P INFRATECH PRIVATE LIMITED [Active] CIN = U70102TG2008PTC060819

Company & Directors' Information:- T S A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400UP2014PTC065137

Company & Directors' Information:- E & E PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2015PTC075033

Company & Directors' Information:- S A C INFRATECH PRIVATE LIMITED [Strike Off] CIN = U74120UP2011PTC047111

Company & Directors' Information:- L R INFRATECH PRIVATE LIMITED [Strike Off] CIN = U74120UP2013PTC055304

Company & Directors' Information:- T N K INFRATECH PRIVATE LIMITED [Strike Off] CIN = U74120UP2013PTC059510

Company & Directors' Information:- V B G INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70100TG2010PTC069278

Company & Directors' Information:- B B R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC045165

Company & Directors' Information:- M V R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC045166

Company & Directors' Information:- L V S PROJECTS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45200TG2010PTC068286

Company & Directors' Information:- B N INFRATECH (A P) PRIVATE LIMITED [Strike Off] CIN = U45203AP2010PTC069704

Company & Directors' Information:- G S V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2008PTC059195

Company & Directors' Information:- K A C INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45209TG2011PTC075843

Company & Directors' Information:- M N C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2011PTC077524

Company & Directors' Information:- R N V PROJECTS PRIVATE LIMITED [Active] CIN = U70102UP2011PTC044240

Company & Directors' Information:- J J INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2011PTC046818

Company & Directors' Information:- K P S B INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2012PTC050664

Company & Directors' Information:- P L S INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70102UP2013PTC057228

Company & Directors' Information:- L M INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2014PTC066101

Company & Directors' Information:- S G A INFRATECH PRIVATE LIMITED [Under Process of Striking Off] CIN = U70102UP2014PTC066190

Company & Directors' Information:- R S R INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2015PTC070859

Company & Directors' Information:- V & P INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2015PTC071618

Company & Directors' Information:- V S M INFRATECH PRIVATE LIMITED [Active] CIN = U70102UP2016PTC076825

Company & Directors' Information:- K L PROJECTS PRIVATE LIMITED [Active] CIN = U27104DL2003PTC119655

Company & Directors' Information:- G M S INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45204DL2010PTC208368

Company & Directors' Information:- S M INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400DL2007PTC171217

Company & Directors' Information:- M I T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC180830

Company & Directors' Information:- K S M PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2009PTC194824

Company & Directors' Information:- V N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400DL2010PTC203928

Company & Directors' Information:- H R INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400DL2012PTC238429

Company & Directors' Information:- L N D INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400DL2012PTC242018

Company & Directors' Information:- G D INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400DL2013PTC256246

Company & Directors' Information:- INDIA INFRATECH PRIVATE LIMITED [Active] CIN = U45400DL2013PTC257567

Company & Directors' Information:- T V K INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400DL2015PTC275007

Company & Directors' Information:- 3 G PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400DL2015PTC276736

Company & Directors' Information:- I S R PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2005PTC138210

Company & Directors' Information:- L V PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2014PTC272838

Company & Directors' Information:- K K S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U74999DL2007PTC159678

Company & Directors' Information:- D J INFRATECH PRIVATE LIMITED [Strike Off] CIN = U74999DL2011PTC227252

Company & Directors' Information:- M K PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201DL2002PTC117787

Company & Directors' Information:- U R INFRASTRUCTURE COMPANY PRIVATE LIMITED [Active] CIN = U45201DL2004PTC127085

Company & Directors' Information:- B V M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC131352

Company & Directors' Information:- I K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC135711

Company & Directors' Information:- S N INFRATECH PRIVATE LIMITED [Active] CIN = U45201DL2005PTC135712

Company & Directors' Information:- S S T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC137437

Company & Directors' Information:- D S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC138026

Company & Directors' Information:- A J S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC140640

Company & Directors' Information:- M R INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC143565

Company & Directors' Information:- M & T INFRATECH PRIVATE LIMITED [Active] CIN = U70109DL2013PTC250149

Company & Directors' Information:- S N S INFRATECH PRIVATE LIMITED [Active] CIN = U70109DL2013PTC255712

Company & Directors' Information:- K R INFRATECH PRIVATE LIMITED [Active] CIN = U70200DL2008PTC185176

Company & Directors' Information:- V INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70200DL2009PTC191676

Company & Directors' Information:- Y S R INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70200DL2012PTC237345

Company & Directors' Information:- A G INFRATECH PRIVATE LIMITED [Active] CIN = U70200DL2012PTC242598

Company & Directors' Information:- K W INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70102DL2011PTC224462

Company & Directors' Information:- J S G INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70102DL2013PTC256729

Company & Directors' Information:- A S M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102DL2015PTC279049

Company & Directors' Information:- J V B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70102DL2015PTC283560

Company & Directors' Information:- UNIQUE INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70109DL2006PTC152544

Company & Directors' Information:- K. J. S. PROJECTS PRIVATE LIMITED [Active] CIN = U70109DL2006PTC152898

Company & Directors' Information:- M R INFRATECH PRIVATE LIMITED [Strike Off] CIN = U70109DL2006PTC156032

Company & Directors' Information:- AMP INFRATECH PRIVATE LIMITED [Active] CIN = U70109DL2012PTC231927

Company & Directors' Information:- A K S T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70109DL2012PTC236675

Company & Directors' Information:- M. A. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2007PTC158810

Company & Directors' Information:- G S K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2006PTC155120

Company & Directors' Information:- H V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2007PTC158234

Company & Directors' Information:- R. R. G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2007PTC170567

Company & Directors' Information:- J C INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45200DL2008PTC175328

Company & Directors' Information:- B P M INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2008PTC179121

Company & Directors' Information:- A S M S INFRATECH PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70101DL2005PTC137704

Company & Directors' Information:- J H A INFRATECH PRIVATE LIMITED [Active] CIN = U70101DL2013PTC259462

Company & Directors' Information:- M & H INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U80904DL2007PTC166303

Company & Directors' Information:- V N R PROJECTS PRIVATE LIMITED. [Active] CIN = U45400AP2008PTC060896

Company & Directors' Information:- C R R PROJECTS PRIVATE LIMITED [Active] CIN = U45400AP2015PTC097217

Company & Directors' Information:- B H I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101MP2012PTC029256

Company & Directors' Information:- S AND Y INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MP2013PTC031382

Company & Directors' Information:- P V R N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400HR2010PTC040311

Company & Directors' Information:- C D INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U74900HR2007PTC037175

Company & Directors' Information:- N K INFRATECH PRIVATE LIMITED [Active] CIN = U70102HR2011PTC042235

Company & Directors' Information:- INFRATECH PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70102HR2013PTC049407

Company & Directors' Information:- H V PROJECTS PVT LTD [Active] CIN = U45202HR1997PTC033617

Company & Directors' Information:- V & V PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70109KA2005PTC037578

Company & Directors' Information:- C AND T PROJECTS PRIVATE LIMITED [Strike Off] CIN = U74140GJ2009PTC057480

Company & Directors' Information:- R J S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2009PTC055941

Company & Directors' Information:- A AND B PROJECTS PRIVATE LIMITED [Active] CIN = U45201GJ2007PTC051077

Company & Directors' Information:- B R B INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2008PTC053682

Company & Directors' Information:- B. R. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2008PTC054103

Company & Directors' Information:- J S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203GJ2003PTC042641

Company & Directors' Information:- A F INFRATECH PRIVATE LIMITED [Active] CIN = U74200KL2013PTC035381

Company & Directors' Information:- B. P. S. R. PROJECTS PRIVATE LIMITED [Active] CIN = U70109RJ2018PTC063238

Company & Directors' Information:- V. U. D. INFRATECH PRIVATE LIMITED [Active] CIN = U45201UP2019PTC122955

Company & Directors' Information:- I H INFRATECH PRIVATE LIMITED [Active] CIN = U45309UP2020PTC135706

Company & Directors' Information:- A AND H INFRASTRUCTURE LIMITED [Strike Off] CIN = U45203MH1998PLC117368

Company & Directors' Information:- D L C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201PB2007PTC031022

Company & Directors' Information:- R & F INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45400TG2008PTC059851

Company & Directors' Information:- R S J INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45300DL2007PTC167583

Company & Directors' Information:- A. R. PROJECTS PRIVATE LIMITED [Strike Off] CIN = U40200DL2007PTC161559

Company & Directors' Information:- N K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200DL2006PTC156614

Company & Directors' Information:- A A INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45200DL2007PTC158616

Company & Directors' Information:- R A INFRATECH PRIVATE LIMITED [Strike Off] CIN = U45200DL2007PTC159385

Company & Directors' Information:- C C TECHNO PVT LTD [Strike Off] CIN = U74210WB2000PTC039643

    Comm Arbitration Petition (L) No. 1565 of 2019

    Decided On, 10 January 2020

    At, High Court of Judicature at Bombay

    By, THE HONOURABLE MR. JUSTICE G.S. PATEL

    For the Petitioner: V.R. Dhond, Senior Advocate with Naushad Engineer, Viraj Parikh, Khyati Kanani & Amit Kanani, i/b Kanani & Co., Advocates. For the Respondents: R1, Ashish Kamat, Shyam Kapadia, Smruti Kanade, i/b Negandhi Shah & Himayatullah, Advocates.



Judgment Text


PC:

1. Not on board. Mentioned. Taken on board upon a praecipe dated today, 10th January 2020, being presented by Mr Dhond, learned Senior Advocate on behalf of the Petitioner. The urgency is said to be that the bank guarantees in question have now been invoked and encashment is likely to be made by Monday, 13th January 2020.

2. I indicated to Mr Dhond that I am willing to take up the matter immediately for final hearing, especially in the circumstances to which I will immediately next turn. He agreed. On the basis that he could proceed on denials, so did Mr Kamat, learned Advocate for Respondent No. 1. I have accordingly heard both of them at some length and with their assistance considered the material on record and authorities placed.

3. The matter was first moved before me for ad-interim reliefs on 19th December 2019. I declined ad-interim reliefs. I said an Affidavit in Reply was to be filed and served on or before 11th January 2020 and listed the Petition on 15th January 2020, a few days hence. The Petitioner took that order in Appeal. That Appeal was disposed of this morning by the following order:

“1. The Appellants are aggrieved by the fact that on 19th December, 2019 ad-interim relief prayed for in the Application filed by the Appellants under Section 9 of the Arbitration and Conciliation Act, 1996 was not granted.

2. In paragraph 35 of the Appeal it is candidly admitted that the learned Single Judge was willing to record reasons declining ad-interim relief but the Appellants did not want any reasons to be recorded since the same might have caused prejudice to the Appellants at the final hearing stage and because the Bank Guarantees were not invoked as of said date. Learned Counsel urges that the Bank Guarantees have been since been invoked i.e. on 9th January, 2020.

3. If that be so we see no reason to entertain the instant Appeal for the reason if after the impugned order was passed the Bank Guarantees were invoked, the remedy available to the Appellants is to file an Application before the learned Single Judge requesting the learned Single Judge to grant an urgent hearing and pass orders on the said Application.

4. Thus, while dismissing the Appeal we simply observe that if the Appellants fle an Application before the learned Single Judge making a reference to the fact that the Bank Guarantees have been invoked the learned Single Judge would accord an urgent hearing to the Application.

5. In view of the dismissal of the Appeal, the Interim Application No.1 of 2020 does not survive and is disposed of as infructuous.”

4. There is some controversy about whether the statements in the Memo of Appeal are entirely accurate or even fair in regard to what transpired at the ad interim hearing. I do not propose to waste time on any of that. These are needless distractions and take us nowhere.

5. The dispute pertains to a road building contract in Madhya Pradesh. A few facts are necessary. This is a 105.6 km stretch of road on the Sidhi-Singrauli section of National Highway 75E in Madhya Pradesh. At some point, the estimated project cost was Rs. 871.15 crores although that fgure may have subsequently changed.

6. The Madhya Pradesh Road Development Corporation Limited (“MPRDCL”) invited proposals for short-listing bidders willing to carry out various works for what is called a ‘four-laning’ of this road. For our purposes, all have agreed that the 1st Respondent, Gammon Infrastructure Projects Limited (“GIPL”) may be taken as the successful bidder. This is because of subsequent events, which I will turn to presently, where the Engineering and Procurement Contract was first placed not with the 1st Respondent GIPL at all, but with its promoter company, associate or sister company, Gammon India Ltd (“GIL”). As is usual in such cases, the bidder floated a Special Purpose Vehicle (“SPV”) called Sindhi- Singrauli Roads Private Limited (“SSRPL”) to undertake and perform the obligations of the selected bidder.

7. On 14th May 2012, SSRPL and MPRDCL entered into a Concession Agreement for execution of this project. A concession project is one of the various models routinely deployed in road and highway building projects. There is the well-known Build-Operate- Transfer (BOT) model; and there is the concession model, where the person who undertakes a work is then allowed for a defined period of time to either collect tolls being charged on that road or, in at least one variant, receives periodical payment of a fixed amount spread over several years.

8. We are not presently concerned with the terms and conditions of the Concession Agreement. The construction was to be done within two years of the appointed date and the Concession Agreement had the usual clauses regarding financial closure, achievement of certain milestones etc. SSRPL (the concessionaire) had the exclusive right to operate the road and generate its revenues from toll collection but it had a corresponding obligation to maintain the road as well.

9. SSRPL awarded an engineering procurement and construction contract frst to GIL, a promoter of GIPL. It was GIL that appointed the Petitioner, Techno Unique Infratech Private Limited (“Techno Unique”), a Hyderabad-based company, as its EPC sub-contractor.

10. The contract between GIPL and Techno Unique is dated 19th September 2013. It came to be executed in somewhat unusual circumstances. On 28th September 2012, Techno Unique issued two bank guarantees for Rs. 36.1 crores each, for an aggregate amount of Rs. 72.2 crores, said to be 10% of the contract value. I will turn to the terms of those guarantees shortly. Both guarantees were issued by the 2nd Respondent, Karur Vysya Bank Limited, in favour of GIL.

11. It seems that Gammon India expressed its inability to continue with the EPC Contract and assigned it to GIPL. This required SSRPL, the SPV, to in turn enter into a fresh EPC contract with GIPL. That was dated 3rd July 2013. Now under the original Concession Agreement the appointed date was 9th September 2013, which would put the initial completion date at around 9th September 2015.

12. 19th September 2013 is the date of the relevant agreement between GIPL (as the substituted EPC contractor) and Techno Unique (as the continuing EPC sub-contractor). The value of this EPC sub-contract is Rs. 722 crores. The EPC sub-contract required Techno Unique to provide bank guarantees for the total amount of Rs. 72.2 crores, being 10% of the contract value. Hence, the two bank guarantees in the amounts of Rs. 36.1 crores each.

13. I am not concerned with the intervening events regarding notices and correspondence. Just one other date is immediately relevant. On 12th September 2019, MPRDCL issued a notice to the SPV, SSRPL, ostensibly suspending its rights under the Concession Agreement. I note this at the outset, for a significant part of Mr Dhond’s argument centres around this document.

14. The first leg of Mr Dhond’s submission is that the bank guarantees are not, in fact, invoked according to their tenor. These bank guarantees are for performance. If, he submits, MPRDCL has already ‘suspended’ the contract, then there is no question of performance, and if there be no question of performance, then, there is no question of invoking performance bank guarantees. Reference is first invited to clause 1.1 of the EPC sub-contract at page 656. This clause does indeed describe the bank guarantees as performance bank guarantees, but what the submission overlooks is clauses 1.1.2 and 1.1.3 which specifically give GIPL the right to invoke and encash the bank guarantees on demand and without demur at any time during their validity without assigning any reason.

15. But let us turn to the so-called suspension notice itself at page 976 and see whether this would furnish, according to the settled law, any form of special equity in favour of the Petitioner. This is a notice from MPRDCL and it is addressed to the SPV. It invokes clause 36.1 of the Concession Agreement and says that there has been a contractual default which gives MPRDCL the entitlement to suspend all rights of the Concessionaire, that is to say the SPV, including the right to collect tolls; and, consequently, empowers MPRDCL to take over the performance of SSRPL’s contractual obligations, either on its own or through another party. The second part of this notice says that the Concessionaire, SSRPL, is in financial difficulty and, therefore, all its rights under the agreement are hereby suspended.

16. There are immediate problems with Mr Dhond’s formulation. This is a suspension, not a termination. It does not end the Concession Agreement. It is not a termination (or even a suspension) of the EPC Contract or the EPC Sub-Contract. Second, what the notice suspends is the Concessionaire’s (not GIPL’s) rights under the Concession Agreement, perhaps the most important of which is toll collection and cost recoupment from that source. There is no suspension of SSRPL’s obligations under the Concession Agreement, and this perhaps stands to reason: if a concessionaire is said to be in default, the project owner may (under the terms of the contract) suspend the contractual rights of the concessionaire while still demanding performance of obligations. As we shall see, this is precisely what seems to have happened over the next few months.

17. But I understood Mr Dhond to place his submission on this submission at something of an extremity. The suggestion conveyed was that the result of the suspension notice was virtually a project shut-down. Everybody — SSRPL, GIPL and Techno Unique — were ejected from the site. Therefore his submission that in demanding performance by Techno Unique, GIPL was demanding the impossible.

18. It is with this background that Mr Dhond draws my attention to the document at Exhibit “Z” at pages 1069-1070. This is GIPL’s letter of 12th December 2019 to Techno Unique inter alia threatening to invoke the bank guarantee. According to Mr Dhond, by this letter GIPL quite incorrectly and, to use his phrasing, ‘fraudulently’, called upon Techno Unique to immediately take up maintenance works and to re-commence works within seven days, failing which GIPL would be constrained to act according to the EPC sub-contract and take all remedial steps such as termination and invocation of bank guarantees. How, asks Mr Dhond, is this even remotely possible, except by fraud if, as a result of the suspension notice of 12th July 2019, everybody was rendered, as it were, offsite?

19. But, as we have seen, the suspension of SSRPL’s rights under the Concession Agreement are not shown to have resulted in the ejectment of all these players — SSRPL, GIPL and Techno Unique — from the project site at all.

20. And that is not all. The facts even as they are presented in the Petition and without even requiring a detailed Affidavit in Reply do not substantiate this case at all. I am shown by Mr Kamat, for instance, a series of documents including minutes of meetings held between July and December 2019 (in particular, of 16th August 2019, 1st November 2019 and 6th November 2019) — that is to say after the suspension notice — all of which indicate that all the authorities, right up Central Government agencies continued to pursue project completion by SSRPL and GIPL. Nobody was thrown of site. Nobody seems to have been asked to stop work. On the contrary, the entire tenor is to press for more work (by the contracting parties), an accelerated pace, and issues of existing delay being cured. This fortifies my view that the suspension notice, correctly read, spoke to SSRPL’s rights as a concessionaire under the Concession Agreement and was not either (a) a termination of the Concession Agreement; or even (b) a removal or ejectment of the contractors from the site.

21. Techno Unique knew of these various meetings. It was represented at least at some of them. That GIPL and SSRPL faced a financial crunch, and that all saw the need for a further infusion of cash, are matters that have no bearing at all on the argument that GIPL was demanding the impossible because no further work was permitted after the suspension notice. Indeed, the documents say to the contrary.

22. The suspension notice cannot be read in isolation. If it is to be so read, then, there is no explanation why at a meeting held on 16th August 2019, GIPL was even invited to be present (and so, incidentally, was Techno Unique). If the Petitioner’s argument of the suspension notice having forced everyone of the site is to be accepted, then the continued participation by GIPL and Techno Unique on project-related matters after the suspension notice is inexplicable.

23. This is an appropriate juncture to note Mr Kamat’s submission that far from anyone being kept of site or prevented from doing any work, it was Techno Unique that stopped work entirely in October 2018, several months prior to the suspension notice. He says that it is in that stoppage by Techno Unique — it being the sole EPC contractor for the entire project — that triggered the suspension notice to begin with.

24. In September 2019, Techno Unique renewed both bank guarantees for another year until 25th September 2020. This is an important circumstance. If there was in fact a suspension of July 2019, and the only remaining thing was to hunt for a replacement, then there could not have been a question of renewal of the bank guarantee. Mr Dhond’s argument that that renewal was in the normal course and that it would subsist to the benefit of a replacement EPC contractor is not one that commends itself. The bank guarantees are specific to GIPL. Obviously, without the concurrence of the issuing bank, the beneficiary could not be changed. If there was a substitution of the EPC contractor, the earlier guarantees would have had to be cancelled and replaced. That they were not would in fact prima facie indicate that the suspension did not have the kind of terminal effects Mr Dhond claims it did.

25. Finally, the entire argument is actually one on the underlying contract. That is beyond the purview of a court confronted with an application for an injunction against encashment of bank guarantee.

26. There is, therefore, no substance to the first submission by the Petitioner that the bank guarantees were not invoked according to their tenor, or that there could not have been a demand for performance.

27. The second submission is that the bank guarantees are not themselves unconditional. They carry with them a mandatory precondition. GIPL can only invoke the bank guarantees if it is directed to do so by the SSRPL. Absent any such direction, there can be no invocation, and there can be no such direction because SSRPL has been suspended. Now this is a remarkably circular argument. If, therefore, this suspension does not in fact operate in the manner that Mr Dhond would have it, then there is no question about a direction being required. But that apart, the argument is in the teeth of the specific wording of the guarantees themselves. I will take only one of them. I believe it is best to now reproduce at the cost of somewhat lengthening this order what both performance bank guarantees say:

“WHEREAS:

i. The Contractor/Supplier (as hereinafter defined/described) has undertaken, in pursuance of the Contract / Purchase Order (as hereinafter defined/described) to supply you the Services/Equipment (as hereinafter defined/described);

ii. It has been stipulated by you in the Contract/Purchase Order that the Contractor/Supplier shall furnish you with a Performance Bank Guarantee of the sum specified therein, in a form and from a Bank acceptable to you, as and by way of security to secure compliance/fulfillment by the Contractor/Supplier of its obligations under the Contract/Purchase Order and

iii. We, the Bank/Guarantor (as hereinafter defined/described) have agreed to furnish the Performance Bank Guarantee for the Guaranteed Amount (as hereinafter defined/described), as security for compliance/fulfillment by the Contractor/Supplier of its obligations undertaken the Contract/Purchase Order.

NOW THEREFORE, we, the Bank/Guarantor hereby affirm that we, as the guarantor, are responsible to you, on behalf of the Contractor/Supplier for the Guaranteed Amount and we hereby unconditionally and irrevocably undertake to pay you, upon your first written demand and without demur or argument, any sum or sums within the limits of the Guaranteed Amount, without your needing to prove or to show the grounds or reasons for your demand for the sum. The Guaranteed Amount shall be payable merely on demand by you. A letter from you stating that the amount claimed in the demand notice is due and payable, signed on your behalf, shall be final, binding and conclusive upon us, as regards to the amount due and payable by the Bank to you under this guarantee.

a. We hereby agree to pay on written demand, within the Specified Banking Days (as hereinafter defined/described) of the receipt of the demand, the Guaranteed Amount, without demur by issuing a cheque for the amount demanded, payable at par at Mumbai. Without prejudice to our obligation to the foregoing, the Guaranteed Amount will carry an interest @ 18% per annum after the expiry of the Specified Banking Days from the date of receipt of the demand notice by us. Any forbearance shown by you shall not tantamount to any waiver of your rights or affect any of about obligations under this guarantee.

b. We undertake to pay you the amount so demanded notwithstanding any dispute raised by the Contractor/Supplier in any suit or proceedings pending before nay court or tribunal whatsoever or otherwise; our liability under this guarantee being absolute and unequivocal. The payment so made by us under this guarantee, shall be a valid discharge of our liability for payment hereunder and the Contractor/Supplier shall have no claim against us for making such payments.

c. We hereby undertake that this Guarantee is absolute, irrevocable and unconditional and shall be enforceable against us notwithstanding any security or securities comprised in any instrument executed or to be executed by the Contractor/Supplier in your favour. This guarantee shall be continuing guarantee and shall remain in full force and effect during the period that would be taken by the Contractor/Supplier to fulfill all its obligations in terms of and in accordance with the provisions of the Contract/Purchase Order and shall remain enforceable till all your dues in terms of the Contract/Purchase Order are fully received by you and its claims satisfied or discharged or till you certify that the terms & conditions of the Contract/Purchase Order have been fully and properly carried out. We undertake not to revoke this guarantee except with your prior written consent.”

(Emphasis added)

28. I do not believe for a single minute that it is possible to read these guarantees as Mr Dhond would have me do without doing incalculable violence to the language. The wording of the bank guarantees is as plain as can be. There is not the slightest ambiguity about any of it. The bank guarantees are unconditional. They say so. Nothing Mr Dhond says can alter that.

29. In any case, any reference to a so-called pre-condition is an argument that affects the merits of the underlying contract and the disputes on that underlying contract. That cannot be examined while considering an application to restrain payment under a bank guarantee.

30. The law is well settled. Bank guarantees are separate and independent contracts. There is no question of a Court when asked to restrain invocation examining any of these issues affecting the underlying contract.

31. Now this takes us to the final submission, itself a trifecta of arguments that lie at the heart of the matter: the law on bank guarantees, and, specifically, considerations of (i) fraud; (ii) irretrievable injury and (iii) special equities.

32. Mr Dhond puts it like this. First, that while the bank guarantee itself is not obtained fraudulently or is not in itself fraudulent, its invocation is. Second, allowing that invocation to go through will cause the Techno Unique irretrievable injury. Third, so precarious is the condition of GIPL that there today arise in favour of Techno Unique quite extraordinary special equities that justify the grant of an injunction; specifically that if there is a pay-out under the bank guarantees to GIPL, Techno Unique has not the slightest possibility of ever being able to recover that amount.

33. All three are tied to a solitary argument of GIPL being in financial distress. Mr Dhond attempted to demonstrate from documents on record that there are admissions of a financial crunch, of GIPL being indebted to Techno Unique, that GIPL is in quest of an investor and so on.

34. Of this last adventure, perhaps the less said the better, because one such ‘third party investor’ allegedly ‘sourced’ by Techno Unique was nothing but its own alter-ego. Meaning, clearly, that the Techno Unique wanted to substitute itself in place of GIPL and possibly SSRPL. This of course has to be read in the context of Mr Kamat’s allegation that it was Techno Unique which stopped the work. If a party stops work, triggers a suspension notice to the main concessionaire, then feigns supports by finding an investor for the financially beleaguered EPC Contractor, and puts up one of its own avatars, then, Mr Kamat says, the declining arch of the project is quite possibly one engineered by Techno Unique itself; at the very least, that is not something that can be discarded as too far-fetched. It will speak to equities generally, and to special equities in particular, and no court will countenance an application for a bank guarantee injunction from a party that conducted itself like this.

35. There are other disputes between the parties. These are not highlighted by Techno Unique. In its demand notice at pages 1069- 1070 of 12th December 2019, GIPL clearly says that there has been an unprecedented delay on the part of Techno Unique in performing its obligations. It says it never asked Techno Unique to search for an investor. It points to repeated defaults and as a result, consequent difficulties not only in completing the project but in maintaining the existing road. There is even a reference to a local law and order problem due to shoddy work or incomplete work, and even a threat to treat the non-maintenance of the road as a criminal act. All of this GIPL lays squarely at Techno Unique’s door.

36. What is curious in all this is that the so-called ‘fraud’ is invoked by Techno Unique only at this stage. There was no mention of this at the time of suspension notice. There was no mention of it at the time even in September 2019 when Techno Unique renewed both bank guarantees for another year, until 25th September 2020.

37. The inevitable consequence of an encashment is that the 2nd Respondent Bank will recover the amount of the guarantees from Techno Unique. That is always a consequence of encashment. It furnishes no ground per se to warrant an injunction. Guarantees must, as the Supreme Court has repeatedly said, be honoured according to their tenor and given commercial efficacy.

38. Knowing this, what Mr Dhond presents is actually a combination of the case on irretrievable injury and special equities. He says that the share prices of Gammon India are today trading well below par. It is deeply mired in debt. There are documents to show that its own management does not have the fullest confidence in the entity as the going commercial concern. These are not my concern. For, unless I am shown a categorical document that GIPL has been put into liquidation and has been completely ejected from the EPC contract — that it has been completely removed — I do not see how I can examine these questions having regard to the settled law on the subject. In fact, the minutes of the two meetings of 1st November 2019 and 6th November 2019 seem to indicate broadly that the Central Government continues to entertain GIPL as the EPC contractor and SSRPL as the concessionaire. It may be looking at fund infusions and perhaps even certain additional concessions but that does not necessarily constitute a special equity. This line of argument will not take Mr Dhond the distance he must traverse to succeed.

39. The reason is that the law in this area is now too frmly settled to admit of any dispute. Hindustan Steelworks Construction Ltd v Tarapore & Co & Anr (1996) 5 SCC 34)was a case that came up before the Supreme Court against an order granting an injunction. Reviewing the previous law on the subject, the Supreme Court re-stated the applicable principles. There can be no interference with an unconditional bank guarantee except when fraud is established or an apprehension of irretrievable injustice is demonstrated: UP Cooperative Federation Ltd v Singh Consultants & Engineers (P) Ltd. (1988) 1 SCC 174).This principle, well-settled in English law, could not be distinguished in Indian law, and, importantly for our present purposes, in the case of a performance bank guarantee (Hindustan Steelworks, supra, paragraph 13).It was next argued before the Hindustan Steelworks court that fraud was not the only ground for interference. Exceptional circumstances creating special equities would also justify an interference. This was countered by relying on the 1988 decision in UP Cooperative Federation to say that special equities or exceptional circumstances had to be shown to be a result of that fraud. Hindustan Steelworks rejected that submission, and said it was an incorrect reading of UP Cooperative Federation. Correctly read, UP Cooperative Federation held that interference is warranted only in cases of fraud or irretrievable injustice. Fraud is not the only exception (Hindustan Steelworks, supra, paragraph 18).In fairness to Mr Dhond, while on the question of fraud, it must be noted that Hindustan Steelworks explicitly recognized two layers or levels of fraud: a fraud by one of the parties to the underlying contract vitiating it entirely, or a fraudulent demand by the beneficiary unrelated to any fraud at the time of execution but because of subsequent events or circumstances. It is precisely this to which Mr Dhond has addressed himself.

40. It is in this background that Hindustan Steelworks stated the position in law thus:

23. We are, therefore, of the opinion that the correct position of law is that commitment of banks must be honoured free from interference by the courts and it is only in exceptional cases, that is to say, in case of fraud or in a case where irretrievable injustice would be done if bank guarantee is allowed to be encashed, the court should interfere.

(Emphasis added)

41. Chronologically, the next decision in point of time is UP State Sugar Corporation v Sumac International Ltd, (1997) 1 SCC 568)where the Supreme Court laid out the fundamental principles. In commercial dealings, an unconditional bank guarantee will be realized irrespective of any pending disputes. The bank must honour it according to its terms; else its purpose is lost. Injunctions are not to be readily granted. The law admits of only two exceptions: a fraud vitiating the very foundation of the bank guarantee, or a resultant irretrievable harm or injustice. In this context, the Sumac International court explained what irretrievable injustice means, and, more importantly, what it does not: a payout adversely affecting the bank and the customer who furnished the bank guarantee is not within the frame. The injustice must be so exceptional and so utterly irretrievable that it would, in the words of the Supreme Court, ‘override the terms of the guarantee and the adverse effect of such an injunction on commercial dealings in the country’. This tells us that while a bank guarantee’s encashment or realization has a localized adverse effect on the bank and its customer (the entity at whose instance the bank guarantee was provided), this must be set against, and weighed against, the larger adverse effect on country-wide commerce of the grant of an injunction itself. Therefore, to successfully obtain an injunction, the localized injustice to the bank and its customer must be shown to be so grave, so monumental and so catastrophic, that the ill-effects or wider ramifications of an injunction would pale in comparison. Explaining the two exceptions, on the question of fraud, the Sumac International court emphasized that the issuing bank is wholly unconcerned with any contractual disputes or relations between its customer and the customer’s contracting opposite party. The bank is bound by the tenor of the bank guarantee it issues. If fraud is invoked, it must be so egregious as to vitiate the entire underlying transaction (For our present purposes, I will take it that this statement of law was positioned at the broader level, but did not address the second level or layer of fraud noticed in Hindustan Steelworks, i.e. a fraud in invocation by subsequent events or circumstances).As to the second exception, of irretrievable injustice, Sumac International referenced the American decision in Itek Corporation v First National Bank of Boston, (566 Fed Supp 1210; a decision of the US District Court for the District of Massachusetts, 28th June 1983)a case perhaps positioned at an extremity, for the context there was a contractual dispute between an American exporter and the Government of Iran at the time of the Iranian hostage crisis. I do not read Sumac International to suggest, as a matter of law, that it is only the legal question of ‘impossibility of performance’ that falls within the second exception. The reliance on Itek Corporation was perhaps to illustrate just how exceptional the circumstances must be, and must be shown to be, to justify or warrant an injunction (That is why Sumac International says the irretrievable injury has to be ‘of the nature noticed in the case of Itek Corp’.).But what is important is the following observation in paragraph 14, that:

14. … 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.

(Emphasis added)

As we shall immediately see, these words were reaffirmed by a later decision of the Supreme Court.

42. Sumac International is important for another reason: it directly addressed the question of financial incapacity of the party invoking the bank guarantee, and a resultant unlikelihood of the party seeking the injunction (who had got the bank guarantee issued) being unable to recover in restitution. The party invoking the bank guarantee in that case (the appellant) had a reference pending against it before the Board of Industrial and Financial Reconstruction under the then Sick Industrial Companies (Special Provisions) Act, 1985. The precise contention was that even if the respondent succeeded in arbitration, it would not be able to realize its claim. This is what the Supreme Court said:

17. … The respondent contends that even if it succeeds before the Arbitrator it will not be able to realise its claim from the appellant. The mere fact that a reference under the Sick Industrial Companies (Special Provisions) Act, 1985 is pending before the Board, is, in our view, not sufficient to bring the case in the ambit of the “irretrievable injustice” exception. … There can, therefore, be no presumption that the company will, in no circumstance, be able to discharge its obligations.

(Emphasis added)

This is, indeed, just what Mr Dhond asks me to do — to presume that GIPL is all but insolvent and that in any arbitration, Techno Unique will never be able to recover its dues or the amount of the two bank guarantees. Mr Dhond’s eforts to show that there is an ‘admission of liability’ by GIPL of some Rs

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.30 crores to Techno Unique is directed towards this. But that admission has not yet been tested. It may yet be explained; and while an admission does furnish the best evidence, the law on that is well-settled, viz., that it only does so if the admission remains unexplained (Ramji Dayawala & Sons (P) Ltd v Invest Import, (1981) 1 SCC 80: “admissions, unless explained, furnish the best evidence”. See also: Bharat Singh & Ors v Bhagirathi, AIR 1966 SC 405: clear admissions, duly proved, are substantive evidence against the person making them, but are not conclusive (paragraph 19); followed in Murlidhar Bapuji Valve v Yallapa Lalu Chaugule, AIR 1994 Bom 358, paragraph 14).That is yet to happen, and indeed is a great distance from happening. I note, too, Mr Kamat’s case that GIPL has a very signifcant claim against Techno Unique. Therefore, Techno Unique’s claim against GIPL is, at present, anything but done and dusted. I must decline Mr Dhond’s invitation to make any such presumption. 43. The third decision in sequence is Dwarikesh Sugar Industries Ltd v Prem Heavy Engineering Works (P) Ltd & Anr (1997) 6 SCC 450).The Supreme Court noted the previous decisions, including Hindustan Steelworks and Sumac International, quoting from the latter, and also reaffirming the statement of law in UP Cooperative Federation. Then, in paragraph 22, Dwarikesh Sugar paraphrased the ratio of Sumac International on the question of irretrievable injustice: 22. The second exception to the rule of granting injunction, i.e., the resulting of irretrievable injury, has to be such a circumstance which would make it impossible for the guarantor to reimburse himself, if he ultimately succeeds. This will have to be decisively established and it must be proved to the satisfaction of the court that there would be no possibility whatsoever of the recovery of the amount from the benefciary, by way of restitution. (Emphasis added) 44. Both Mr Dhond and Mr Kamat, good friends that they are, rely on the same paragraph 22, but with antipodal results. Only one of them can be correct. Unfortunately, it is not Mr Dhond. The second sentence of this paragraph makes that abundantly clear. Mr Kamat is right in saying that in order to invoke these special equities, that is to say that the person against whom invocation is made would never be able to recover the amount under the bank guarantees, it must be shown decisively to the satisfaction of the Court that there is no possibility — i.e. not the slightest possibility at all — of restitution in this amount. Again, showing that GIPL is in a precarious financial condition, or that its shares are trading below par is insufficient for this purpose. What must be demonstrated must be something far more clear than a mere apprehension. That is Sumac International. That is Dwarikesh Sugar. And that, therefore, is the law. 45. We should also not forget that until as late as November and December 2019, neither the Madhya Pradesh state government nor the Central Government were contemplating a removal of GIPL or SSRPL from the project. 46. The three arguments on fraud, irretrievable injustice or special equities cannot be accepted. 47. For these reasons, I find no merit in the Petition. It is dismissed. 48. This being a commercial arbitration petition, costs would have had to be awarded in the normal course. But in view of the invocation of the bank guarantees, and having regard to the quantum of those bank guarantees, I decline to make an order of costs against the Petitioner.
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