ORAL JUDGMENT:----This is an appeal preferred by original Respondents to challenge Order dated January 27th, 1993 passed by the Learned Single Judge in Arbitration Petition No. 45 of 1993. By the impugned order, the Learned Single Judge made the Petition absolute and pending arbitration, restrained the Appellants herein from encashing or receiving any amount under the Bank Guarantees mentioned in Exhibit `F' thereto. The facts which gave rise to the filing of the said Petition are as follows.

2. In or about the year 1987, the Appellants had floated a tender notice inviting tenders in respect of construction of an underground tunnel which was part of the Bombay III Water Supply Project. Along with their letter dated 16th May 1988, the Respondents had submitted their tender for construction of underground tunnel between Dr. E. Moses Road and Ruparel College, Bombay, a part of the said project which was accepted by the Appellants and a contract bearing No. 2769-IN/1750-IN/W/20 (for short `the said Contract') was entered into by and between the Appellants and Respondents in respect thereof on the terms and conditions mentioned therein including the general conditions of Contract. Un

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