1. By this order, I shall dispose of the application/petition under Section 9 of the Arbitration and Conciliation Act, 1996 filed with the prayer to restrain the respondent from invoking Bank Guarantee dated 24.12.2012 amounting Rs.4.10 crores, insurance cover amounting to Rs.14,28,72,000/- and directing the respondent to revoke the notice of default dated 16.02.2015.

2. In the petition, it is averred that the petitioner is a private limited company incorporated under the Companies Act and is in the business of organising tour and travels. Mrs. Sonila Mehra, Authorized Representative of the petitioner has been duly authorized to present the present petition vide Board Resolution dated 17.02.2015. The respondent is a trade association for the world’s airlines representing 250 airlines and 84% of total air traffic and is engaged in the operation of accreditation of Travel Agencies around the world. The respondent issued a Travel Agent’s Handbook (Resolution 818g Edition) which governs the relation between the petitioner and respondent. On 14.05.2007, parties entered into an agreement whereby the petitioner was appointed as an agent for selling the passenger air tickets. As p