( 1 ) THE plaintiff through the above application want this Court to issue a direction to defendant No. 2 herein not to make payment to defendant No. 1 under the bank guarantee No. 796/372/95 dated June 22, 1995 for Rs. 50 crores.

( 2 ) BRIEF facts which led to the presentation of the aforementioned application are as under: that the plaintiff herein submitted an offer in response to tender enquiry No. 314- 7/94-PHC dated June 22, 1995 on January 1, 1996 alongwith an earnest money bank guarantee in the sum of Rs. 50 crores vide bank guarantee No. 796/372/95 through Deutsche Bank for the provision of telephone services on license for the service area of Tamil Nadu. The guarantee period of the said bank guarantee was extended from time to time on the request of defendant No. 1. The bid of the plaintiff for telecom circle of Tamil Nadu was found to be the highest. Accordingly defendant No. 1 by their letter dated March 13, 1996 issued a letter of intent to the plaintiff for award of license to provide telephone services on non exclusive basis in Tamil Nadu telecom territorial circle and asked the plaintiff to convey their unconditional and unequivocal acceptance of th