JUDGMENT

C. Hari Shankar, J. - This petition, under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act"), seeks an order of restraint against invocation/encashment of Bank Guarantees, furnished by the petitioner to Respondent No. 1.

2. Detailed submissions were advanced by Mr. Rajiv Nayar, learned Senior Counsel for the petitioner and Mr. Tushar Mehta, learned Solicitor General for Respondent No. 1 and, at joint request of learned Senior Counsel (as recorded on 10th August, 2020, when orders were reserved), this judgment finally disposes of the present proceedings.

Facts

3. Vide Letter of Acceptance dated 23rd June, 2016, Respondent No. 1 informed the petitioner that its bid, for "Design, Supply, Construction, Testing and Commissioning of Signalling, Telecommunication and Associated Works of Double Track Railway Lines Under Construction On A Design Build Lump Sum Basis for Mughalsarai-New Bhaupur Section of Eastern Dedicated Freight Corridor-Contract Package-203" (hereinafter referred to as "the Project"), for construction of Double Line Electrified Section, covering 388.14 km, between Mughal Sarai and New Bhaupur and 29.15 km between J