ORDER

This Special Leave Petition arises from the order of the learned Single Judge of the Delhi High Court dated January 17, 1996 made in Suit No. 990/95. The petitioner had sought for injunction under Section 41 read with Schedule II of the Arbitration Act, 1940 (for short, the Act ) to restrain the respondent from invoking the bank guarantee No. 33/1991 dated February 13, 1991 to encash Rs. 57,57,970/- pursuant to the letter of invocation dated April 5, 1995. The facts mentioned therein are that petitioner had entered into contract on March 30, 1991 pursuant to a tender submitted by him to construct 108 residential quarters at Katharia, Bhagirath Puram, Tehri. The construction was to be completed within stipulated period but was not completed. In terms of the contract, the first respondent had terminated it. The petitioner availed of the remedy under Section 20 of the Act for appointment of an arbitrator for reference of the dispute in terms of the contract. Pending consideration thereof, he filed an application to restrain the respondent to encash the bank guarantee. The respondent after termination of the contract had issued a letter of invocation dated April 5, 1995 calling u