IA Nos. 16649/2013 (O. 39 R. 1 and 2 CPC)

1. This order shall dispose of the IA No. 16649/2013 (O. 39 R. 1 and 2 CPC) of the plaintiff. The defendants filed the reply and sought vacation of the interim stay dated 19.102013.

2. In this application, the plaintiff has prayed for the stay of invocation of the bank guarantee.

3. The admitted facts of the case are that the plaintiff and the defendant had executed a Letter of Intent (LoI) dated 25.01.2013. Subsequently, an agreement dated 20.02.2013 was entered into between the parties which contained the conditions of the contract. As per Article 1 of the said conditions of the work, the effective date of the contract was 25.01.2013, i.e., the day the LoI was executed between the parties. The plaintiff was required to furnish to the defendant within three months of the effective date of the contract, i.e., 25.01.2013, a detailed shipping schedule showing the breakdown of equipment into various shipment units, etc. Under Article 6 of these terms and conditions of the contract, the parties agreed that in the event of any delay in supply of the Engineering and Equipment or violation of any other terms and conditions of the contract a