( 1 ) IT is indeed unfortunate that despite the judgment of the Supreme Court in Oil and Natural Gas Commission and Anr v. Collector of Central Excise, JT 1991 (4) SC 158, expressing the hope that disputes between government departments and public sector undertakings of the Union of India may be resolved at the government level itself, the Committee (of Secretaries) on Disputes has expressed its helplessness to resolve the disputes and the two public sector undertakings are fighting like two private litigants.

( 2 ) BY this petition under Section 9 of The Arbitration and Conciliation Act, 1996 the petitiioner seeks ad interim ex parte injunction against the respondents, restraining them, or their agents and servants, from invoking and/or encashing the bank guarantees amounting to Rs. 6. 09 crores, the details whereof have been given in Annexures F and G (collectively) to the petition.

( 3 ) I have heard Mr. Mukul Rohatgi,learned Senior counsel appearing for the petitioner and Mr. Ashok Desai, learned Attorney General of India for respondent No. 1.

( 4 ) BRIEFLY stated, the material facts emanating from the petition are that on 13 March 1989 City and Industrial Developm