DEEPAK GUPTA, J.

1. The Petitioner M/s. Alliance Biotech is a duly registered partnership firm engaged in the manufacture of pharmaceutical products. Respondent No. 3-Rajat Pharmaceutical Chemicals Limited is a merchant exporter and exports various pharmaceutical products in the international market. An agreement was entered into between the Petitioner and Respondent No. 3 whereby Respondent No. 3 had exclusive right to market the products manufactured by the Petitioner. In terms of this agreement, the Petitioner was supplying goods to Respondent No. 3 and irrevocable letter of credit was issued at the instance of Respondent No. 3 by Respondent No. 2-Punjab National Bank in favour of the Petitioner for an amount not exceeding Rs. 82,30,000/-. This letter of credit was initially valid till 12.9.2008 which date admittedly was extended to 15.9.2008. Various other conditions shall be referred to in the later part of the judgment. Admittedly Respondent No. 1 which was the advising Bank informed the Petitioner on 24.6.2008 that all bills drawn in conformity with the terms of letter of credit shall be honoured.

2. According to the Petitioner-, it during the course of this agreemen