On the issue of bank guarantees, it has been clearly held at page 7 of Sabarkantha Annuity Pvt Ltd v NHAI & Ors [2017] GCtR 2831 (Delhi) thus : -
"The law qua encashment of bank guarantee is well settled. It being an independent contract and lest any fraud or irretrievable loss to the petitioner is alleged no stay can be granted by the Court. The merits and the terms of contract are irrelevant for invoking of the bank guarantees."
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