In a relief to the concessionaire company engaged to develop the Himani-Chamunda Ropeway project at Kangra district the Hon’ble High Court of Himachal Pradesh has granted relief to the company by way of issuing stay on encashment of the bank guarantee. The High Court in its order directed that the respondents including the concessioning authority for the project which is the state department of tourism and civil aviation are restrained from encashing the bank guarantee.
Earlier, the department had issued notice of termination to Usha Breco Chamunda Devi Ropeway Private Limited citing default by the company. The company on its part cited non-fulfilment of the conditions precedent as per the concession agreement by the concessioning authority on account of which the project was delayed. The company later approached the High Court for relief in the matter.
The development and construction of the Himani-Chamunda Ropeway project was awarded to the company in March 2015 and the project was to be built at a value of INR 500 crores/- (approx).
Counsels appearing in the matter for the petitioner company are Gagan Anand, Managing Partner of Legacy Law Offices and Sadiqua Fatma, Senior Partner with Legacy Law Offices along with Ankit Konwar and Pranjal Munjal, Advocates.
Deputy Advocate General of the state Yudhvir Singh Thakur along with Ashok Kumar Tyagi, Varun Thakur and Sanjay Dalmia, Advocates appeared for the respondents.