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Plaintiff held entitled to balance amounts, and recovery on encashment of PBGs.
Plaintiff held entitled to balance amounts, and recovery on encashment of PBGs.
Enexo Technologies (India) Ltd placed various work orders upon Icon Controls Pvt Ltd for supply of machines and mechanical instruments. Icon furnished 3 performance bank gaurantees (PBG). Enexo invoked the PBGs. Icon filed a suit for recovery of dues, and interest. Additional District Judge held the plaintiff entitled to balance amounts of invoices, and for recovery on account of illegal encashment of PBGs.-500542
1.Enexo Technologies (India) Ltd placed various work orders upon the Icon Controls Pvt Ltd for supplying of machines and mechanical instruments.
2 .Icon furnished 3 performance bank gaurantees.
3 .Enexo invoked the bank gaurantees.
4 .Icon filed a suit for recovery of dues, and interest.
The Additional District Judge held as under:
5 .In view of above elicited law laid in case of Anvar P.V. (supra), the statements of accountsaforesaid given Ex PW?1/36 (colly) stand not proved.
6 .Accordingly, with respect to pending sums i.e. balance amounts of invoices, plaintiff is held entitled for recovery of Rs. 1,98,659 from defendant.
7 .Also, for illegal encashment of bank guarantees, aforesaid, plaintiff is also held entitled for recovery of sum of Rs. 1,27,000/? from defendant.
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