Manmohan Singh, J.

1. By the way of the present petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as “the Act”) the petitioner seeks to restrain respondent No.1 from invoking, and respondents No.2 and 3 from allowing any purported encashment of the bank guarantees submitted by the petitioner to respondent No.1 pursuant to the contracts entered into between petitioner and respondent No.1.

2. The petitioner filed the petition under Section 9 of the Act being OMP No.557/2014 seeking to inter alia stay the invocation of the Bank Guarantees furnished by the petitioner to the respondent No.1 in terms of the Contract dated 22nd February, 2010 entered into between the parties. State Bank of India and State bank of Hyderabad are arrayed as respondents No.2 and 3 respectively, in this petition.

By order dated 16th May, 2014 it was directed that:

(i) subject to the bank guarantees being kept alive;

(ii) their encashment shall remain stayed in terms of prayer (a), (b) and (c) of the petition, till further orders.

3. It is submitted by the petitioner that the invocation of the Bank Guarantees is wrong, illegal and against the terms