JUDGMENT

Jyoti Singh, J.

I.A. 5356/2023 (Exemption)

Allowed, subject to all just exceptions.

Application stands disposed of.

O.M.P.(I) (COMM.) 44/2023 & I.A. 5355/2023 (for modification)

1. This is a petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the `1996 Act') seeking interim injunction restraining Respondent No. 1 from invoking/encashing Bank Guarantee (`BG') No. U7AGPGE211810041 dated 30.06.2021 for a sum of Rs.1,97,40,000/-, BG No. 161BGPR191330002 dated 08.05.2019 for a sum of Rs.1,97,40,000/-, BG No. 161BG032020 dated 11.02.2020 for a sum of Rs 1,97,40,000/- and BG No. VP9GPGE213220093 dated 18.11.2021 amounting to Rs.5,79,344/-, pursuant to a final Default Notice dated 31.01.2023 and/or in any manner whatsoever adopting coercive measures for recovery of any sum, pursuant to the said notice.

2. Brief facts that need to be captured for deciding the present petition are that Petitioner is a Government of India enterprise under the Department of Scientific and Industrial Research (`DSIR'), Ministry of Science and Technology and was established in 1974 with an objective to commercially exploit indigenous technologies developed by