JUDGMENT :

Moushumi Bhattacharya, J.

1. The applicant, Yes Bank, seeks vacating of an order of injunction restraining Yes Bank from honouring a counter-guarantee to a performance guarantee issued in favour of the petitioner/supplier KSE Electricals. The injunction was passed in the present Arbitration Petition filed under Section 9 of The Arbitration and Conciliation Act, 1996, by KSE Electricals, for a restraint on the respondent no.1 purchaser, the Project Director, Bangladesh Rural Electrification Board, from realising a sum of USD 331,500 under the Counter Guarantee issued by Yes Bank through its correspondent bank being Eastern Bank, Dhaka. Yes Bank is the second respondent in the Arbitration Petition.

2. The order of injunction dated 7th May, 2021, was passed ex parte on KSE’s application, restraining the respondent no.1 from invoking the bank guarantee dated 1st April 2019 in terms of a letter of invocation received by KSE on 6th May 2021. The order was communicated to Yes Bank and to Eastern Bank. The order of 7th May, 2021 was modified by an order of 15th June, 2021 at the instance of Yes Bank recording the fact of the counter guarantee.

3. The present application of Yes Bank