Yogesh Khanna, J.

1. The brief facts as alleged by the petitioner are:

a. The respondent awarded the LOI dated 09.09.2009 in favour of the petitioner for civil works of "strengthening of existing pavement with M-50 Grade CC Block Pavement at ICD, Balasore, (Orissa)";

b. the petitioner company submitted performance bank guarantees dated 15.09.2009 for a sum of Rs. 11,07,398/- and 08.10.2009 for a sum of Rs. 2,56,000/- respectively, issued by Axis Bank Limited, amounting to 5% of the contract value, equivalent to a total sum of Rs.13,63,398/-;

c. on 30.10.2009 the petitioner and the respondent executed the Contract;

d. the petitioner completed and handed over the project to the Respondent, within the extended period of the Contract, i.e. on 08.11.2010;

e. the petitioner, raised the 3rd and final bill dated 03.02.2011 amounting to Rs.1,25,00,000/-;

f. on 09.02.2011 the 3rd and final bill was forwarded to the respondent by M/s RITES Limited, the project management consultant of the respondent company;

g. on 10.09.2012 the respondent illegally rescinded the Contract on false and baseless grounds and threatened to forfeit the security deposit and encash the performance bank guarantees