GLOBAL ENERGY AND COMMODITY EXCHANGE GROUP ITALY SPA (GECX GROUP) versus TRADING CORPORATION OF PAKISTAN
The applicant's contention that the defendant's execution was barred by the appellant in favor of the applicant disputing the performance of the arbitration proceedings of the section 20 agreement was that the defendant was required to wait until the end of the arbitration proceedings between the parties. The guarantee should be prevented from being surrounded. Banning of bank guarantees should be held only if there is any substance on the record when there is material available on the record to indicate that the person on whose performance the bond was executed. Had also committed to default on the performance of the contract. The court could have prevented the possession of a bank guarantee when a first case came up. However, in the present case, the contract was extended several times by the appellant, but the appellant failed to show his agreement, And only after getting a contract extension, when the contract was not yet in place, did the appellant try to break the bank guarantee so there was no justification, the appeal to prevent the defendant from enclosing the bank guarantee. Done
Related judgments — Karachi High Court Sindh, 2014
