MINI PUSHKARNA, J (ORAL):

1. The present petition has been filed under Section 9 (1) (ii) (e) of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) seeking injunction for restraining the respondent no.1 from terminating the Contract Agreement dated 30th June, 2023 executed between the parties, and consequently restraining the respondents from invoking the Bank Guarantees provided by the petitioner.

2. As per the case put forth by the petitioner, the petitioner had emerged as the successful bidder in the „Request For Proposal‟ (“RFP”) for permanent rectification of black spot by construction of a light vehicular underpass at Poottuthakku Junction in Krishnagiri-Walajapet Section of NH-48 in Tamil Nadu. The Contract Agreement was formally executed on 30th June, 2023, with the appointed date declared as 12th September, 2023, and the Scheduled Completion date fixed at 11th September, 2024.

3. As per Clause 7 of the Contract Agreement dated 30th June, 2023, between the parties, the petitioner was liable to furnish an irrevocable and unconditional Bank Guarantee to the tune of 3% of the contract value. The petitioners in compliance of the same, furnished the following Bank Gu