Invocation of bank guarantees via e-mail is valid hence bank directed to make payment

NHDPL South Private Limited Vs Union Bank of India (Karnataka High Court) Karnataka High Court held that invocation of bank guarantees via e-mail satisfies the requirement of section 4 of the Information Technology Act, 2000 and hence the invocation being proper and correct, the Bank had no other alternative but to make payment of the monies covered under the Bank Guarantee. Facts- The petitioner is engaged in the business of real estate development. The petitioner had entered into an agreement for civil works to be undertaken for the project with a company known as Al Fara’a Infra Projects ...