BOARD OF TRUSTEES vs MACGREGOR NAVIRE PORT EQUIPMENT A.B.&ANR

The Supreme Court ruled 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 8% from March 29, 1988, to October 28, 2001, following the invocation of a bank guarantee. The Court clarified that any excess amount already paid by the bank must be refunded by the appellant within two months. The appeal was disposed of without costs, affirming the interim order regarding the bank guarantee.