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

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 23.12.2025 Judgment pronounced on: 09.01.2026 Judgment uploaded on: 09.01.2026 + FAO(OS) (COMM) 211/2025, CM APPL. 81218/2025, CM APPL. 81219/2025, CM APPL. 81220/2025, CM APPL. 81221/2025 and CM APPL. 81222/2025 BLACK GOLD RESOURCES PRIVATE LIMITADA .....Appellant Through: Mr. Parag Tripathi, Sr. Adv. with Mr. Saurav Agrawal, Mr. Mayank Jain, Mr. Madhur Jain, Ms. Aakriti Dhawan, Mr. Arpit Goel, Mr. Deepak Jain and Ms. Samayra Adlakha, Advs. versus INTERNATIONAL COAL VENTURES PVT. LTD & ANR. .....Respondents Through: Mr. Rajshekhar Rao, Sr. Adv. with Mr. Shaiwal Srivastava and Ms. Aashna Chawa, Advs. CORAM: HON'BLE MR. JUSTICE ANIL KSHETARPAL HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT ANIL KSHETARPAL, J. I. INTRODUCTION 1. The present Appeal, preferred under Section 37(1) of the Arbitration and Conciliation Act, 1996 (“the Act”) read with Section 13 of the Commercial Courts Act, 2015, assails the judgment and Signature Not Verified Signed By:SAVITA PASRICHA Signing Date:09.01.2026 18:19:52 FAO(OS)(COMM) 211/2025 Page 1 of 8 order dated 17.12.2025 passed by the learned Single Judge in OMP(I)(COMM.) 78/2025 captioned as Black Gold Resources Private Limitada vs. International Coal Ventures Pvt. Ltd. & Anr., 2. By the impugned order, the learned Single Judge dismissed the Appellant’s petition under Section 9 of the Act, which sought to restrain the Respondents from encashing an Unconditional Performance Bank Guarantee (“PBG”) of USD 10,535,000 issued by First Capital Bank. The Appellant also sought protection against what it describes as the "illegal termination" of the Mining Services Contract dated 02.11.2017. 3. The present Appeal was listed for hearing on 23.12.2025 before this bench for