1. Invoking the appellate jurisdiction of this Court under S.37 of the Arbitration and Conciliation Act, 1996 (for short, the AC Act - ), the appellants herein have called in question the impugned order dated 4 - 7-2020 passed by the learned Judge, Commercial Court (District Level), Nava Raipur, Atal Nagar, District Raipur, whereby the learned Commercial Court has rejected the application filed by the appellants herein seeking interim injunction under S.9(1) of the AC Act finding no merit and refused to restrain the respondents herein from encashing the performance bank guarantee (PBG) to the extent of Rs. 6,77,26,553/-.

2. Respondent No.2 South East Central Railway issued a notice inviting tender for work in Lajkura - Raigarh Section for construction of 4 line between Jharsuguda and Bilaspur. The scope of the said work was widening, including soil investigation, design of bridges, execution of earthwork, minor bridges, major bridges, RUB, extension of FOB, staff quarter and other service buildings, supply of ballast and other miscellaneous works in which the appellants participated and were declared successful bidders and consequently, letter of acceptance (LoA) was issued in the