JUDGMENT :

(Prayer: Civil Miscellaneous Appeal filed under Section 37 (2) (b) of the Arbitration and Conciliation Act, 1996 against the Impugned Order dated 09/06/2021 of the Hon’ble Arbitral Tribunal (under Reference No.3).)

1. This appeal under Section 37 of the Arbitration and Conciliation Act, 1996 raises the issue under what circumstances an injunction can be granted against the invocation of a Bank Guarantee. This Court in this appeal will have to decide whether the respondents have satisfied the legal requirements for grant of injunction against the invocation of the Bank Guarantee by the Appellant. Under the impugned order dated 09.06.2021 passed under Section 17 of the Arbitration and Conciliation Act, the Arbitral Tribunal has granted an order in favour of the respondents restraining the Appellant from encashing the Bank Guarantee of Rs.117.5 Crores given by the respondents in favour of the Appellant, who is the beneficiary under the said Bank Guarantee.

2. The case of the respondents before the Arbitral Tribunal as seen from the affidavit filed in support of its application under Section 17 of the Arbitration and Conciliation Act is that the Appellant through a speculative