JUDGMENT :

VIBHU BAKHRU, J

1. Abir Infrastructure Private Limited (hereafter ‘AIPL’) has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereafter the ‘A&C Act’), inter alia, praying that respondent no.1, Teestavalley Power Transmission Limited (hereafter ‘TPTL’), be restrained from invoking the Bank Guarantees bearing no. 0910310BG0000163 and 0910310BG0000165 issued by respondent no.2, State Bank of India. In the alternative, AIPL further prays that respondent nos. 2 and 3 (collectively referred to as ‘SBI’) be directed to not entertain any invocation of the aforementioned Bank Guarantees and to not encash the same.

2. The aforementioned Bank Guarantees are referred to as BG-163 and BG-165 and are collectively referred to as ‘the BGs in question’.

The present value of BG-163 is Rs.7,11,04,475/-and that of BG-165 is Rs.61,71,284/-.

3. Mr Ray, learned counsel appearing for AIPL, contended that TPTL is not entitled to invoke the BGs in question as the same are not unconditional Bank Guarantees and the requisite conditions for invoking the same – that AIPL has failed to perform the contract in question; has been called upon to pay the sum advanced;