JUDGMENT

Chandra Dhari Singh, J. The instant petition has been filed on behalf of the Petitioner seeking urgent intervention of this Court for restraining the Respondent from invocation/encashment of the Petitioner's Bank Guarantee under Section 9 of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as "the Act") and praying for the following reliefs:

"(i) Direct the Respondent to deliver up Bank Guarantee bearing No. 05BG091 dated 25.01.2006, issued by Canara Bank for a sum of Rs.26,13,51,850/- (Rs.Twenty-Six Crores Thirteen Lakhs Fifty-One Thousand Eight Hundred Fifty Only) to the Petitioner in view of the Respondent having not paid to the Petitioner a sum of Rs.360.30 Crores which has already been adjudicated upon by 5 Arbitral Awards in Respondents of the Project.

(ii) In the alternative, restrain the Respondent by way of an order and injunction, from encashing/invoking or taking any precipitative steps or receiving any monies under the Bank Guarantee of the Petitioner bearing No. 05BG091 dated 25.01.2006, issued by Canara Bank for a sum of Rs.26, 13,51,850/- (Rs.Twenty-Six Crores Thirteen Lakhs Fifty-One Thousand Eight Hundred Fifty Only), for the Project as per C