CHARANJIT TALWAR, J.

( 1 ) THE petitioner, Damodar Paints Pvt. Ltd. , entered into an agreement to supply specialised coal tar to M/s. Indian Oil Corporation Ltd. , (hereinafter the Corporation), respondent No. I herein.

( 2 ) THE petitioner in compliance with the requirements of Clause 15 of the General Purchase Conditions of the said coatract fulrnished to the Corporation a performance bank guarantee issued by the State Bank of Hyderabad, respondent No. 2 herein.

( 3 ) IT is the admitted case of the parties that the bank guarantee furnished is irrevocable. The Bank on demand had undertaken to pay to the Corporation any amount specified in the notice of demand upto an agrregate limit of Rs. 1,80,000. The bank guarantee provides that it will not be determined or affected by any dispute or disputes between the petitioner and the Corporation and further under that guarantee the bank has waived all rights to deny its liability towards the Corporation even if the petitioner had, at any time, required the bank to stop payment

( 4 ) IT is the petitioner s case that certain disputes have arisen between the parties and the same having been referred to an Arbitrator under the terms of the a

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