JUDGMENT

Jyoti Singh, J. - The present appeal has been filed by the appellant under Section 37(2)(b) of the Arbitration & Conciliation Act, 1996 ("Act") challenging the order dated 16.08.2019 passed by the Arbitral Tribunal on an application of the respondent herein under Section 17 of the Act whereby the appellant has been restrained from encashing a Bank Guarantee ("BG") No. 0372BG002614 dated 13.11.2014 for a sum of Rs. 2,37,14,150/- till the pendency of the arbitration proceedings.

2. The brief facts which need to be captured herein for the purpose of adjudication of this appeal are that the respondent was awarded a Contract for "Ash Dyke Package for Muzaffarpur Thermal Power Project, Stage - II" by the appellant vide Letter of Award ("LOA") dated 23.09.2014. The detailed scope of work was provided in the Technical Specifications, Special Conditions of Contract and other documents of the formal Contract executed on 11.12.2014.

3. The entire project was to be completed within a period of 24 months from the date of issue of LOA. As per the appellant, the respondent did not commence work even after a period of more than two months from the date of LOA and the appellant vide letter