Jai Balaji Industries Ltd vs Pec Ltd.& Ors

The Supreme Court upheld the Calcutta High Court's order allowing the appellant to encash cheques subject to a Bank Guarantee, as per the provisions of the High Seas Sale Agreement. The Court emphasized the necessity of a Bank Guarantee to secure the interests of the parties involved, particularly under the Sale of Goods Act, 1930. The Court also directed the Receiver to sell the goods and confirmed the expedited nature of the suit proceedings, ensuring timely resolution of the dispute.