Board Of Trustees vs Macgregor Navire Port Equipment ...

The Supreme Court held that the Board of Trustees of the Port of Bombay was entitled to receive Rs. 3,16,716.50 as the principal sum along with interest at the rate of 8% from 29th March 1988 to 28th October 2001, following the invocation of a bank guarantee. The Court clarified that any excess amount paid by the bank must be refunded by the appellant within two months. The appeal was disposed of without any order as to costs.