Performance Security Cannot Be Retained After Acknowledgement of Due Performance
Case: Bharat Sanchar Nigam Limited versus Teracom Limited
Coram: Justice Vibhu Bakhru
Case No.: O.M.P. (COMM) 431/2019
Court Observation: “In view of the above, the Arbitral Tribunal had rightly directed refund of the amount recovered by BSNL from invocation of the Performance Bank Guarantee in question. There is no principle in law whereby BSNL could be permitted to retain the Performance Security after it had acknowledged due performance of the Contract.”
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