ORDER :

The petitioner/P.G. Setty Construction Technology Private Limited (hereinafter referred to as ‘the Company’ for short) is knocking at the doors of this Court seeking stalling of the act of the 1st respondent/Karnataka State Police Housing and Infrastructure Development Corporation (‘the Corporation’ for short) in encashing the Bank Guarantee of Rs.1,15,13,500/- and has sought for a mandamus directing the respondents to restore/refund the bank guarantee that is encashed along with interest at 18% per annum.

2. Heard Sri Jayakumar S. Patil, learned senior counsel appearing for the petitioner and Sri G. Papi Reddy, learned senior counsel appearing for respondents 1 and 2.

3. Facts in brief, germane for consideration of the lis, are as follows:

The petitioner is a Private Limited Company incorporated under the provisions of the Companies Act, 1956 on 10-08-1999. It is the case of the petitioner that it has abundant experience in the construction of all projects in lumpsum on turnkey basis. Likewise, the Board of the Corporation awards a contract in favour of the petitioner for the purpose of construction of 144 Police Quarters in Mandya and Chamarajnagar Districts under a particula