Velocity Enterprises v. Jaiprakash Associates Ltd. & Anr.
Case brief
What is this about?
Keywords: Section 9 Arbitration and Conciliation Act 1996; Section 37(1)(b) appeal; FAO (COMM); advance bank guarantee; restraint on invocation of bank guarantee; Resolution Professional; NCLT liberty; OMP(I)(COMM.) 311/2024; appeal dismissed as not pressed; clarification permitting invocation of arbitration; maintainability of Section 9 petition left undecided; Velocity Enterprises v. Jaiprakash Associates Ltd.; UCO Bank; Delhi High Court; bank guarantee valid till 31.03.2025; non-invocation undertaking till 19.01.2025.
What did the court decide?
Appeal and pending applications dismissed as not pressed; clarification that the impugned order will not preclude the appellant from invoking arbitration as per law; respondent no.1 restrained from invoking the Bank Guarantee till 19.01.2025 on the basis of its recorded assurance. ¶14