Final judgment and decree in Company's favour; bank directed to pay Rs. 1,00,00,000 bank guarantee with 12% interest

The Bombay City Civil Court has passed a final judgment and decree in favour of Indowind Energy in a suit it shared against Bank of Baroda.

Tue 6 Oct 2026

Bank guarantee amount

Rs. 1,00,00,000/-

Interest awarded

simple interest at 12% p.a. from 17/06/2004 till realisation

Court order

The Bombay City Civil Court has passed a final judgment and decree in favour of Indowind Energy

Case background

The Company shared a suit against Bank of Baroda. The Bombay City Civil Court, Greater Mumbai at Mazgaon (Commercial Court), has passed a final judgment and decree in favour of the Company (Plaintiff). The update records the matter as Commercial Summary Suit No. 502 of 2024 and as H. C. Summary Suit No. 1614 of 2007. The suit has been partly decreed with costs.

What the court has directed

• The Defendant bank has been directed to pay or encash Bank Guarantee No. MPR/RCK/CICON/182/03-04 dated 26/05/2003 for Rs. 1,00,00,000/- (Rupees One Crore only) in favour of the Company.
• This is to be paid together with simple interest at 12% p.a. from 17/06/2004 (described as the date of invocation) till realisation of the entire amount.

What the figures mean in simple terms

Rs. 1,00,00,000/- is one crore rupees — the principal amount of the bank guarantee. Simple interest at 12% p.a. is calculated on this same principal for each year, from 17 June 2004 until the amount is realised.

Impact the Company has flagged

• It is entitled to receive the principal amount of the Bank Guarantee of ₹1,00,00,000/-, together with interest at 12% per annum from 17 June 2004 until the date of payment.
• It expects to realise a substantial amount towards the interest accrued over the past 23 years.
• The realisation of this amount is expected to significantly strengthen the Company's financial position and provide additional resources to undertake larger expansion and repowering projects.
• The proposed expansion and repowering initiatives are expected to contribute to the growth of the Company's turnover and profitability.
• There is no adverse impact on the operations of the Company arising from the matter.

The update states that the order was received by the Company on 06th October 2026.

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