BLACK GOLD RESOURCES PRIVATE, LIMITADA vs INTERNATIONAL COAL VENTURES PVT. LTD. & ANR.

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 19.09.2025 Judgment pronounced on: 17.12.2025 + O.M.P. (I) (COMM) 78/2025, I.A. 6098/2025, I.A. 6099/2025, I.A. 7017/2025, I.A. 8914/2025, I.A. 12236/2025 BLACK GOLD RESOUCES PRIVATE LIMITADA ……Petitioner Through:Mr. Rajiv Nayar, Sr. Adv. with Mr. Saurav Agrawal, Mr. Mayank Jain, Mr. Madhur Jain, Mr. Saurabh Seth, Mr. Arpit Goel, Mr. Deepak Jain, Ms. Allaka M, Mr. Raghav Thareja, Ms. Raadhika Chawla, Mr. Mehak Joshi, and Mr. Abhiroop Rathore Advs. versus INTERNATIONAL COAL VENTURES PVT. LTD. & ANR. ……Respondents Through: Mr. Shaiwal Srivastava, Adv. for R2 CORAM: HON'BLE MR. JUSTICE JASMEET SINGH JUDGMENT 1. This is a petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 (“1996 Act”) seeking the following reliefs against the respondents:- Digitally Signed O.M.P. (I) (COMM) 78/2025 Page 1 of 45 By:MAYANK Signing Date:17.12.2025 16:16:48 “a) Stay the operation of a letter dated 03.03.2025 bearing No.16/MBL/DC/03/2025 issued by Respondents terminating the contract dated 02.11.2017 awarded to the Petitioner; b) Restrain the Respondents from acting upon/in furtherance to the letter dated 03.03.2025 terminating the contract dated 02.11.2017 awarded to the Petitioner; c) Stay the operation of letter dated 03.03.2025 bearing No. 15/MBL/DC/03/2025 issued by Respondents to the First Capital Bank seeking invocation/encashment of Bank Guarantee No. 178760690005 amounting to USD 10,535,000/- of First Capital Bank furnished by the petitioner; d) Restrain the Respondents, its officers, employees, assignees or any person acting under instructions or on behalf of the Respondents from invoking and/or encashing of Bank Guarantee No. 178760690005 amounting to USD 10,535,000/- of First Capital Bank fu