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Bank Guarantee
Bank Guarantee No.:
Date: 17/12/15
Amount Rs. 27, 00,000
Expiry Date: 31st January 17
Last date of Lodgement of claim: 31st January 2017
To.
Global Energy Private Limited
6st Floor, Le Meridian Commercial Tower,
Raisina Road,
New Delhi-110001

Whereas M/S Global Energy Private Limited (Hereinafter

referred to as GEPL) has agreed to Supply Energy to Priyadarshini
Sahakari Soot Girni Limited, E-2 MIDC Lohara, Yavatmal
Maharashtra-445001 (hereafter referred to as PSSGL)
pursuant to Power Supply Facilitation Agreement dated 11 th
December, 2015 (Agreement) for supply of upto 1.3 MW of power as
contemplated therein for the period of 13 months as set out therein .

Whereas, as a payment security mechanism to secure the payments due

from PSSGL to GEPL, Priyadarshini Sahakari Soot Girni Limited has
agreed to provide a bank guarantee.
Whereas GEPL has agreed to supply power to Priyadarshini Sahakari
Soot Girni Limited against a Bank Guarantee for an amount of Rs. 27, 00,
000. (Rupees Twenty Seven Lakhs only.) (Guaranteed Amount)
We Bank of India, Mid Corporate Branch, Nagpur. having its registered
office at and having its branch at Mezzanine Floor, S.V.Patel Marg,
Kingsway Road, Nagpur (hereinafter referred to as the bank), do hereby
unconditionally and irrevocably undertake to pay to GEPL on written demand
an amount not exceeding Rs. 27, 00, 000. (Rupees Twenty Seven Lakhs
only.) against any loss or damage caused to or suffered by GEPL or that
would be caused to or suffered by GEPL due to the failure of Priyadarshini
Sahakari Soot Girni Limited to make the payments of undisputed bills to
GEPL on the due date contemplated in the Agreement.
We, the Bank of India, Mid corporate Branch, Nagpur Bank, do hereby
undertake to pay the amount due and payable under this guarantee without
any demur, without protest or proof of satisfaction, and without reference to
PSSGL and merely on a written demand from GEPL. Any such demand made
by GEPL on the Bank shall be conclusive as regards the amount due and
payable by the bank under this guarantee and shall be restricted to an
amount not exceeding Rs. 27, 00, 000. (Rupees Twenty Seven Lakhs
only.) Such amounts would be paid out only to GEPLs Account Number
000184000000054 maintained with Yes Bank.
The Bank Guarantee may be invoked by the GEPL , in full or in part, in the
event of the bills payable by the Priyadarshini Sahakari Soot Girni Limited
remain outstanding beyond the Due Date, for recovering such amounts.
We, the Bank of India, Mid corporate Branch, Nagpur , further agree
that the guarantee herein contained shall remain in full force and effect
during the period until Priyadarshini Sahakari Soot Girni Limited has
paid all its dues payable to GEPL or till GEPL certifies that the all the money
(s) due to it have been paid by Priyadarshini Sahakari Soot Girni Limited
and accordingly discharges this guarantee or up to the expiry of this bank
guarantee plus a claim period of 31 days (31/01/17), whichever is earlier
(Term)
We, the Bank of India, Mid corporate Branch, Nagpur , further agree
that this guarantee will not be discharged due to the change in the
constitution of the Priyadarshini Sahakari Soot Girni Limited or GEPL
by any other reasons whatsoever and our liability hereunder shall not be
impaired or discharged by any extension of time or variations or alternations
made, given or agreed with or without our knowledge or consent, by or
between concerned parties.

This Bank Guarantee shall not be affected in any manner by reason of

merger, amalgamation, restructuring, liquidation, winding up, dissolution or
any other change in the constitution of the by any change in the constitution
of Priyadarshini Sahakari Soot Girani Limited, the GEPL and the Bank
with any other body or corporation or otherwise.

We the Bank of India, Mid corporate Branch, Nagpur Bank further

agree that during the currency of this Bank Guarantee, this bank guarantee
can be renewed/ the validity extended, provided we receive a written
demand from Priyadarshini Sahakari Soot Girani Limited on or before
the validity of this bank guarantee.
This Bank Guarantee is an irrevocable guarantee and during the currency
hereof can be amended only with the prior written consent/ permission of
GEPL and issuing Bank.
We the Bank of India, Mid corporate Branch, Nagpur shall make
payment hereunder on receipt of first written demand without restriction or
conditions and notwithstanding any objection, disputes, or disparities raised
by the Priyadarshini Sahakari Soot Girani Limited or any other person.
We shall not require GEPL to justify the invocation of this Bank Guarantee,
nor shall we have any recourse against GEPL in respect of any payment
made hereunder.
This Bank Guarantee shall be interpreted in accordance with the laws of
India. We the Bank of India, Mid corporate Branch, Nagpur represents
that this Bank Guarantee has been established in such form and with such
content that it is fully enforceable in accordance with its terms as against
the Bank of India, Mid corporate Branch, Nagpur in the manner
provided herein.
We hereby agrees and acknowledges that GEPL shall have a right to invoke
this Bank Guarantee either in part or in full, as it may deem fit during the
Term of this Bank Guarantee.
Notwithstanding anything contained herein above:
Our liability under this Bank Guarantee shall not exceed Rs. 27, 00, 000.
(Rupees Twenty Seven Lakhs only.)
This Bank Guarantee shall be valid from 01/01/16 and remain valid up to
31/01/17 and the last date of lodgement of claim shall be 31/01/17.
We, the Bank of India, Mid corporate Branch, Nagpur is liable to pay
the guaranteed amount or any part thereof under this Bank guarantee only
and only if GEPL serves upon the Bank a written claim or demand on or
before 31/01/17 at Mezzanine Floor, S.V.Patel Marg, Kingsway Road,
Nagpur.

Unless a written claim is lodged on the bank for payment or extension under
this bank guarantee by GEPL before the expiry of the claim period all your
rights under this Bank Guarantee shall be forfeited and we shall be
unconditionally discharged from all liabilities thereunder irrespective of
whether or not the original Bank Guarantee is returned to us.

IN WITNESS WHEREOF the Bank has set its hands hereunto on the day,
month and year first hereinabove written.

For ____________________

Name:
Designation:

Name:
Designation:

BANK SEAL ___________

Place:
Date: