JUDGMENT

Srikrishna, J.—Leave granted.

2. This is one more instance of an injunction being sought against a beneficiary seeking to enforce his/her rights under a bank guarantee, albeit with a novel averment that “lack of good faith” or “enforcing with an oblique purpose” constituted further exceptions to the general rule against intervention.

The Facts

3. M/s Godavari Sugars Ltd. awarded a contract for a captive power plant to M/s BSES Ltd. (now Reliance Energy Ltd.) hereinafter “the Appellant”). The Appellant, in turn, awarded a part of that work to M/s Fenner India Ltd. (hereinafter “the First Respondent”). In connection with this, the Appellant issued to the First Respondent, four work orders/purchase orders, as follows :

“(i) Work Order No. 2245 dated 15.3.2000/4.5.2000 for a sum of Rs. 70,00,000/-...

(ii) Work Order No. 2246 dated 15.3.2000/4.5.2000 for a sum of Rs. 5,57,00,000/-...

(iii) Work Order No. 2247 dated 15.3.2000/4.5.2000 for a sum of Rs. 90,00,000/-...

(iv) Work Order No. 2248 dated 15.3.2000/4.5.2000 for a sum of Rs. 50,00,000/-...”

4. As required by the terms and conditions of the said work/purchase orders, the First Respondent submitted four bank guarantees from the Sta