RAJIV SHAKDHER, J.

I.A. No.13640/2018

1 The substantive relief’s sought for in this application read as follows:

“A. Direct Respondent No.2 to not treat the amount of Rs.34,28,75,000/- (Rupees Thirty Four Crores Twenty Eight Lakhs Seventy Five Thousand Only) as outstanding due for payment from the petitioners till the disposal of OMP (I) (COMM) 335 of 2018/arbitration invoked vide notice dated 18.09.2018;

B. Direct Respondent No.2 to not declare/treat the Petitioners account as NPA till the disposal of OMP (I) (COMM) 335 of 2018/arbitration invoked vide notice dated 18.09.2018;

C. Direct Respondent No.1 to refund the amount of Rs.34,28,75,000/- (Rupees Thirty Four Crores Twenty Eight Lakhs Seventy Five Thousand Only) to the Respondent No. 2 and in turn Respondent No.2 may be directed to furnish a Bank Guarantee of an equivalent amount, without prejudice to the rights and contentions of the parties in the arbitration proceedings.”

2. Upon notice being issued in the application, a reply has been filed by respondent No.1 followed by a rejoinder by the applicants/petitioners.

2.1 As would be evident, a perusal of the record shows that the main dispute, which obtains between the cont