Pendency of Proceeding for damages – No ground for Injunction:
Para 4:
Para 5: It is common ground that at the request of the respondent the Bank has furnished bank guarantees to the appellant. The respondent is the beneficiary. In the dispute pending for adjudication in arbitration, between the appellant and the respondent, the Bank is not a party.
Para 6: ……the reasoning of the learned Single Judge that before invoking the performance guarantee the appellant should assess the quantum of loss and damages and mention the ascertained figure, cannot be put forward to restrain the appellant from invoking the unconditional guarantee….

Other Important Case Laws relating to Letter of Credit/ Bank Guarantee

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