( 1 ) LEAVE granted.

( 2 ) THE appellant, petitioner in arbitration petition Lodg. No. 240/94 in the High Court of Judicature at Bombay, initiated under Section 41 of the Arbitration Act, has filed this appeal by special leave against the order passed by N. D. Vyas, J. dated 20-10-1994. The appellants prayer for injunction against the first respondent (Maharashtra State Electricity Board) from invoking or claiming or demanding or releasing any amount whatsoever under certain bank guarantees given by the respondent Nos. 2 to 5 was dismissed by the aforesaid order by the learned Judge. Respondent Nos. 1 to 5 in the arbitration petition Lodg. No. 240/94 as also in this appeal are - (1) Maharashtra State Electricity Board, Bombay; (2) Standard Chartered Bank, branch Bombay; (3) Grindlays Bank p. l. c. , branch Bombay; (4) City Bank, N. A. branch Bombay; and (5) Bank of Baroda, branch Bombay.

( 3 ) THE first respondent invited tenders for supply and commission of Coal Handling Plant. The appellants tender, which was accepted, culminated in a contract, executed between the parties, dated 9-3-1989. The value of the contract was Rs. 61,11,200. 00. The appellant furnished the following five