( 1 ) BY this order, I propose to deal with an interim application bearing I. A. No. 3945 of 1989, filed by the Nangia Construction (India) Private Ltd (hereinafter called the Petitioners) in Suit No. 1375-A of 1989.

( 2 ) SUIT No. 1375-A of 1989 has been filed under section 20 of the Arbitration Act.

( 3 ) THE interim application I. A. No. 3945 of 1989 has been filed under action 41 read with Second Schedule of the Arbitration Act 1940, and section 151 of the Code Civil Procedure. By the said interim application, the. applicant/petitioner prays that respondent No. 1 National Buildings Construction Corporation Ltd. , and respondent No. 2, the Chairman-cum-Managing Director of the National Buildings Construction Corporation Ltd. , be restrained from terminating the contract which contains an arbitration clause, it is also prayed that the National Building Corporation Ltd. (hereinafter called "the NBCC"), be restrained from encashing to bank guarantees No. NP/g/16/136 and NP/g/16/137 dated 7. 12. 87/19. 11. 87, which are valid upto 30. 4. 90 and 30. 6. 92 respectively.

( 4 ) GUARANTEE No. NP/g/16/136 dated 7. 12. 1987 is annexed as "annexure-I" (at page 46), and i