K. GOVINDARAJAN, J.

1. The above appeal is preferred against the order dated 22.3.2004 passed by the learned Principal District Judge, Madurai, dismissing Ar.O.P. No. 1/2003 filed under Sec. 9 of the Arbitration and Conciliation Act, 1996, hereinafter called ‘the Act’, directing the parties to maintain status-quo for a period of one month from the date of the said order.

2. The 1st respondent was awarded with the contract by Godavari Sugar mills Limited for construction of a Captive Power Plant in their factory at Sameerwadi, Karnataka. The 1st respondent, in turn, awarded a part of that work to the appellant for the value of Rs. 70,00,000/-, Rs. 5,57,00,000/- and Rs. 90,00,000/-, totalling a sum of Rs. 7,17,00,000/- under three contracts namely –

(1) Design and Engineering

(2) Supply of equipment

(3) Civil works.

Pursuant to the said contract, four bank guarantees, namely, B.G. No. E1/288/99, 289/99, 290/99 and 291/99 of the value of Rs. 7,00,000/-, 55,70,000/-, 9,00,000/- and 38,35,000/- respectively, towards advances and security deposit were given by the appellant and such bank guarantees were executed on 23.3.2000. The expiration of the said bank guarantees also was e