G.S. Kulkarni, J.

1. This Appeal under section 37 of the Arbitration and Conciliation Act, 1996 (for short the Act) is directed against an order dated 21 April 2015 passed by the learned Single Judge whereby the appellant's application filed under section 9 of the Act seeking an injunction against enforcement of two bank guarantees stand dismissed.

2. Facts: Respondent no.1 had invited bids for the works namely 'Supply of materials for Construction of Compound Wall of Stack Yard for WQ-6 berth at West of M/s Essar Pellet Plant, at Vishakhapatnam Port Trust as also separate bids were invited for “labour charges” for the said work. The appellant was a successful bidder and accordingly respondent no.1 issued two letters of acceptance (LOA) both dated 27 November 2012 in favour of the appellant. One of the conditions of the letter of acceptance (LOA) was that the appellant would furnish a performance guarantee of a nationalized bank for an amount of 10 % of the contract value. An agreement-cum-work order dated 5 December 2012 came to be executed between the parties. Schedule C of the Agreement was the agreed proforma of the performance guarantee to be executed by the appella