Advocate Meenal Garg, Punjab & Haryana High Court
The Arbitration and Conciliation Act, 1996 (hereinafter “the Act”) empowers both the court as well as the arbitral tribunal to grant interim protection to an aggrieved party under Sec. 9 and 17 of the Act respectively. A comparison of these two provisions read along with other provisions of the Act reveals the following differences:
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Yash Tripathi, Associate at Pioneer Legal, Mumbai
In an event of default in repayment of the debt, invoking a guarantee is always the priority of the lenders. However, it should also be looked thoroughly whether a document serves as a contract of guarantee or not. In the recent decision of Yes Bank Ltd. v. Zee Entertainment Enterprises Ltd. &Ors., Bombay HC draws the line of difference between a letter of comfort (“LOC”) and a contract of guarantee.
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