ORDER :

1. The present application is preferred by applicant under Section 11 of Arbitration and Conciliation Act, 1996.

2. Precisely stated facts of the case are that applicant is a Private Limited Company registered under the Companies Act, 1956 and is engaged mainly in the work of Civil Construction and specializes in construction of railway related works. Respondent No. 1-is the Union of India, Ministry of Railways and invited the bid for tender for construction of road under a bridge in lieu of level crossing No. 429 between STLI-DHO Section (by box pushing method) vide its notice dated 9/10/2013. Respondents No. 2 and 3 are the Officers of North Central Railways.

3. Respondent No. 1 issued Notice Inviting Tender (NIT) on 9/10/2013 for construction of road as referred above in which applicant responded by quoting its rates vide letter dated 19/11/2013 and negotiations ensued. Later on work was awarded to applicant vide letter dated 24/2/2014 vide Annexure A/2. Letter of Acceptance (LOA) was issued on 7/4/2014 in which applicant was directed to deposit Performance Guarantee (PG) as per subject condition of Contract (Part 1).

4. Applicant completed the formalities as per the contrac