ORDER :

Petitioners filed the arbitration application under Section 9 of the Arbitration and Conciliation Act, 1996 (for short “Act 1996”) seeking to –

(a) restrain the 1st respondent during the pendency or until conclusion of the Arbitral proceedings bearing ICC Case No.26939/HTG by way of temporary order and injunction from encashing/invoking or taking any precepitative steps or receiving any monies under the (i) Bank Guarantee bearing No.0305ILG014516 dated 15.12.2016 for an amount of Euro 1663717 (Euro One Million Six Hundred Sixty Three Thousand Seven Hundred Seventeen) issued by Punjab National Bank on behalf of petitioner No.1 and (ii) Bank Guarantee bearing No.0305ILG014616 dated 15.12.2016 for an amount of Euro 1663717 (Euro One Million Six Hundred Sixty Three Thousand Seven Hundred Seventeen) issued by Punjab National Bank on behalf of petitioner No.1;

(b) direct the 2nd respondent not to release any amount to 1st respondent against the bank guarantees referred above;

(c) Direct the Respondent No.1 to deposit the amount encashed by it against (i) Bank Guarantee bearing no.4044IPEBG090051 dated April 25, 2009 for an amount of INR 11678824 (Rupees One Crore Sixteen Lakh Seventy