Khaitan & Co successfully advised and represented Ultratech Limited (Ultratech) before the Supreme Court in a matter where Ultratech who was the allocatee of the Bhaskarpara Coal Block was subsequently de-allocated by the Ministry of Coal, Union of India, allegedly on the ground that there was no substantial progress in development of the Coal Block. Consequently, the Bank Guarantee of INR 8.45 crores furnished by Ultratech was invoked by the Union of India to the extent of INR 1.65 crores. Thereafter, in a round of further representations in the Chattisgarh High Court and further in the Supreme Court, the Firm formulated a strategy and successfully obtained an order restraining the Union of India from invoking the Bank Guarantee for the pendency of the matter. Ajay Bhargava (Partner), Vanita Bhargava (Partner), Aseem Chaturvedi (Principal Associate) and Sharngan Aravindakshan (Associate) represented Ultratech on the matter.
White & Case client the International Bank of Azerbaijan (IBA) has lost its application for a permanent stay on its debts in the UK