R.V. EASWAR, J.:

This is an appeal filed by Ratnagiri Gas and Power Pvt. Ltd., hereinafter referred to as “the appellant” against the judgment and order dated 10-9-2012 passed by the learned single judge in OMP No. 482/2011 in proceedings initiated under section 9 of the Arbitration and Conciliation Act, 1996 (“Act”, for short) by the respondents, viz., the Joint Venture of M/s. Whessoe Oil & Gas Ltd. UK and M/s Punj Lloyd Ltd(R-1) and the joint venture-companies individually. The appeal has been filed under section 37 of the Act.

2. The brief facts giving rise to the appeal may now be noticed. A contract was entered into between the appellant and the respondents for carrying out the work of Phase-H of EPC-I6 package, for completion of the balance work of the top of the jetty facilities for the Ratnagiri LNG Terminal project (“project”, for short). This was on 8-9-2006. The work was to be executed by the joint venture (“JV”). It was divided into three phases: Phase A, Phase B and Phase C. Phase A comprises approximately 80% of the entire work. As required by the contract, the JV furnished two performance bank guarantees (PBGs) to the appellant on 21-9-2006; they were exten