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Bank Guarantee

Bank Guarantee No.:Date: 17/12/15Amount Rs. 27, 00,000Expiry Date: 31st January 17Last date of Lodgement of claim: 31st January 2017

To.Global Energy Private Limited6st 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 11th 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 .

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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 Gir ni 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 GEPL’s 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.

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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.

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

For ____________________

Name: Name:

Designation: Designation:

BANK SEAL ___________

Place:

Date:

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