JUDGMENT :

V. Kameswar Rao, J.

1. The present petition has been filed by the petitioner with the following prayers:

“In view of the aforegoing facts and circumstances, it is most respectfully prayed that this Hon’ble Court may graciously be pleased to:

a. restrain the respondent No.1 during the pendency and until conclusion of the Arbitral proceedings, by way of a temporary order and injunction, from encashing / invoking or taking any precipitative steps or receiving any monies under the Performance Bank Guarantee of Rs.29,77,12,501/-, numbered as 16340100003675 issued on 16.6.2015 (valid till 30.11.2021) and the Retention Money Bank Guarantee of Rs.4,36,62,265/-numbered as 16340100007637 issued on 03.10.2017 (valid till 30.12.2019) issued by Axis Bank Ltd, 1st Floor No.6-879-B, Green Lands, Begumpet Road, Hyderabad-500016 in favour of the Chairman, National Highways Authority of India for the Project Work as per Letter of Acceptance dated 17.03.2015 along with Contract Agreement dated 08.04.2015;

b. restraining the respondent No.2 Bank from releasing any funds to the respondent No.1 Authority under the Performance Bank Guarantee of Rs.29,77,12,501/-, numbered as 16340100003675 issued o