JUDGMENT :

Sabyasachi Bhattacharyya, J.

1. The petitioners came out successful in a tender process floated by the respondent no. 2 and entered into a work agreement. Pursuant to such agreement, three bank guarantees were executed in favour of respondent no. 2 by the petitioners. Subsequently a dispute arose between the petitioners and the respondent no. 2 and the said respondent terminated the contract with the petitioners on September 30, 2023. One of the bank guarantees bearing no. BG O5172ILG000321for Rs. 1,06,46,000/- was invoked and encashed by respondent no. 2 by a letter dated September 25, 2023 from the respondent no. 5, that is the Branch Manager of the Punjab National Bank (PNB), Broad Street Branch.

2. Two other bank guarantees remained to be encashed. The petitioners approached the Commercial Court at Rajarhat under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as, “the 1996 Act”) giving rise to MISC. CASE (ARB) No. 76 of 2023, inter alia praying for injunction restraining the respondents from taking any steps and/or in furtherance of any notice for invocation of bank guarantees bearing no. BG O51721LG000621 and BG 045720ILPER0008. The pe