NEW DELHI: The Delhi high court has directed DLF Limited to deposit invoked bank guarantees issued by Leighton India Contractors, as part of a business agreement between the two, in a fixed deposit under the name of registrar general of the court.
DLF will be required to deposit ₹143.9 crore of the amount invoked as per court directions. Leighton India had approached the court to secure its bank guarantees from being encashed by DLF during the pendency of arbitration proceedings arising out of a dispute between the two.
The dispute pertains to completion of a residential project The Camellias at DLF City, Phase V, Gurugram. The two companies had signed a contract of approximately ₹1,438 crores as part of the deal to develop the residential