Sanjeev Narula, J.

I.A. 7774/2019 (Exemption)

1. Exemption allowed, subject to all just exceptions.

O.M.P.(I) (COMM.) 156/2019

2. The present petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the “Act”), seeks restraining order against Respondent Nos. 1 and 2 from invoking the Bank Guarantee No. 50/2016 for an amount of Rs. 1,73,25,810/- issued by Respondent No. 3 (Canara Bank) in favour of Respondent No. 1.

Brief Facts

3. Shorn of unnecessary details, the facts of the case are that the Petitioner is a company engaged in the business of construction and related services. Respondent Nos. 1 is a Joint Venture Company of National Fertilizers Ltd. (NFL), Engineers India Ltd. (EIL) and Fertilisers Corporation of India (FCI) incorporated for setting up Gas based Urea manufacturing plant at Ramagundam. Respondent No. 2 is a company providing Engineering Consultancy Services and EPC (Engineering Procurement Construction) services principally focused on the oil and gas and petrochemical industries. Respondent No. 3 is a Bank which has