JUDGMENT :

1. In this interlocutory application the plaintiffs pray for orders restraining the respondent no. 1 (hereinafter referred to as ‘SBI’) from invoking two bank guarantees issued by the respondent nos. 2 and 3 banks and an order restraining the respondent nos. 2 and 3 from making payment under the bank guarantees issued by them.

2. The material facts of the case are that a consortium of banks led by SBI had lent and advanced moneys to a company by the name of Gujarat NRE Coke Limited (in short ‘GNRE’). Amongst the securities furnished by GNRE were certain windmill assets of the company. Moneys fell due to the consortium of banks. SBI took steps to liquidate the wind-mill assets of GNRE. The plaintiffs jointly participated in the process of sale of wind mill assets of GNRE and became the highest bidder. In compliance with the terms and conditions as stipulated by SBI, two bank guarantees were furnished by the plaintiffs in favour of SBI. Both the bank guarantees were dated 21 October, 2016. One was issued by the defendant no. 2 for an amount of Rs. 115,50,00,000/-. The other was issued by the defendant no. 3 for an amount of Rs. 19,50,00,000/-. Thus, two bank guarantees for t