ORDER :- The Satluj Jal Vidyut Nigam Limited, formerly NJPC Ltd. Had engaged M/s. Hindustan Construction Company Limited-applicants for completion of a part of civil work for raising head tunnel Stn. 1642m to Stn. 2729m including shaft to its on-going project of hydro-electric project in terms of contract No. 2.2 dated 26th May, 1993.

Under the terms of this contract, the applicants had to furnish one performance and 17 retention money guarantees under clause 10 and clause 60 of the general conditions of contract. The said bank guarantees relating to performance and retention money respectively were required to be returned to the petitioners after 12 months from the date of substantial completion of works. These bank guarantees were furnished by the applicants and were accepted by the respondent at the relevant time. It is the case of the applicants that, during the currency of the contract under various interim payment certificates or final and binding decisions of the Disputes Review Board (DRB), the respondent had paid to the petitioners sums aggregating to Rs. 53.76 crores under various heads unconditionally and without protests. The payments were made between 15-11-199