PRAKASH D. NAIK, J.

1. The petitioner has invoked the writ jurisdiction of this Court under Article 226 of the Constitution of India and has prayed for issuance of the writ of certiorari and prayed for quashing the order passed by the first respondent on 28th September, 2005.

2. The facts giving rise to the present petition are as follows:

(a) The petitioner is a company registered under the provisions of the Companies Act. Between 1976 and 1980 the 3rd respondent issued 42 Bank Guarantees in favour of the State of Andhra Pradesh on behalf of the petitioner for execution of works connected with Sri Sailam Hydro Electric Project. The said Bank Guarantee/s were for an aggregate value of Rs.73,90,320/-.

(b) Disputes arose between the petitioner and the State of Andhra Pradesh under the contract between them. The petitioner, thereafter, somewhere on 14th June, 1984 filed three suits in the City Civil Court at Hyderabad under Section 20 of the Arbitration Act, 1940. On 27th May, 1985, the State of Andhra Pradesh invoked the said bank guarantees issued by the third respondent.

(c) On 7th June, 1985, the respondent no.3 issued a letter to the State of Andhra Pradesh wherein it was co