1. The Court: The principal prayer made in this petition under section 9 of the Arbitration and Conciliation Act, 1996 is for an injunction restraining the respondent from invoking or receiving payments under three several bank guarantees furnished in connection with a contract for setting up a power plant in Raigarh. There is an incidental prayer in the nature of attachment before judgment.

2. The arbitration clause is not in dispute. Upon leave under Clause 12 of the Letters Patent having been granted on July 6, 2012, it was submitted on behalf of the respondent that it had an objection to the authority of this Court to entertain the petition. The objection has not been elaborated upon today. On July 6, 2012, the respondent had, however, been gracious enough to not insist on immediate payment from the bank since the matter could not have been conveniently concluded on that date. The concession recorded in the order dated July 6, 2012, however, did not create any equity in favour of the petitioner nor did it bind the respondent to abide thereby beyond the time that the matter was due to be taken up in Court. The respondent says that the bank guarantees have been invoked but