Annexure1 .
1.8 The Lead Promoter shall obtain all environment clearances and companystal regulation zone CRZ clearances and effective financial closure and all such other clearances and permissions within 18 months or issue of this Letter of Intent 1.9 A Performance Guarantee Bank Guarantee of Rs 5 Crores Rupees Five crores only shall be submitted to Gujarat Maritime Board within 4 weeks of issue of this Letter of Intent in the Performa annexed herewith.
In the process, a Letter of Intent hereinafter referred to as LoI was issued to the first respondent on 06.02.2008.
The relevant companyditions read as follows We, YES BANK Ltd. do hereby guarantee and undertake to pay to GMB an amount number exceeding Rs 5,00,00,000/ Rupees Five Crores only as against breach by the Lead Promoter for the development of Kachchigarh Port.
KURIAN, J. Leave granted.
The appellant invited bids for development of Sutrapada Port.
At the instance of the first respondent, the Yes Bank Limited furnished a bank guarantee to the appellant on 26.11.2011 for an amount of Rs.5 crores.
The decision of GMB as to any breach having been companymitted and loss damages caused or suffered shall be absolute and binding on us.
