A bank guarantee cannot be invoked after its expiration; claims must adhere to specified timeframes as per the terms of the guarantee.

1. By means of filing the instant writ petition, the petitioner has prayed for following reliefs:
i) For issuance of a writ of certiorari and a writ of mandamus and / or any other appropriate writ, order or direction of the like nature to call for the records of the case from the Respondent No.1 - Banking Ombudsman being represented by the Reserved Bank of India pertaining to Complaint No.RBI / CMS / N2022230 05010648 filed by the Petitioner - Hindustan Steelworks Construction Limited (HSCL) and after perusing the said records along with the facts and submissions being urged via the present Writ Petition, be pleased to quash / set aside the Order dated 27.12.2022 passed by the Respondent No.1 - Banking Ombudsman being represented by the Reserve Bank of India in Complaint No.RBI / CMS / N202223005010648 having been passed by the Respondent No.1 - Banking Ombudsman being represented by the Reserve Bank of India in gross violation of the principles of natural justice and hence illegal, arbitrary and a ity in the eyes of law.
ii) For the enforcement of the legal rights available to the Petitioner - HSCL and as enumerated under the Reserve Bank - Integrated Ombudsman Scheme , 2021.
iii) For issuance of a writ of mandamus thereby directing the Respondent No.2 - Punjab National Bank (Formerly known as United Bank of India) for releasing the Bank Guarantee (BG) amount of Rs.66, 18, 543/- (Rupees Sixty Six lakhs Eighteen Thousand Five Hundred and Forty Three only) along with accrued interest till the date of payment in terms of the Bank Guarantee No.0260141LPER0003 dated 30.07.2018 issued by Respondent No.2 - Punjab National Bank (Formerly known as United Bank of India) on behalf of Respondent No.3 - Kajal Chakraborty in favour of the Petitioner - HSCL in compliance of Clause 3 of the aforesaid Bank Guarantee.
AND / OR
For issuance of any other appropriate writ(s) or direction(s) or order(s) as Your Lordships may deem fit and proper in view of the facts and circumstances of the case for doing conscionable justice in favour of the Petitioner - HSCL."

2. Brief facts of the case are that the petitioner - Hindustan Steel Works Constructions (HSCL) is a Public Sector Enterprise, (a subsidiary of NBCC(India) Limited) under the administrative control of Government of India which is involved in the business of turnkey execution of large infrastructure projects in India and abroad. It is contended in this petition that the construction and maintenance of the road i.e. Gandacherra to Kalajhari No. TR - 04-121, Link No.L038, Length - 6.85 Km. Phase - VIII, District - Dhalai, Block - Dumburnagar was sanctioned under the "Pradhan Mantri Gram Sadak Yojana" (PMGY) under scope of NIT No.65 dated 16.04.2012. Accordingly, the said work order was awarded to the respondent no.3 by the petitioner - HSCL followed by a Letter of acceptance dated 23.07.2012 for agreement value of Rs.26, 47, 41, 720.00 for the said construction and maintenance for 5 years. Thereafter, the respondent no.3, the Contractor had submitted Bank Guarantee No. 026012ILPER0001 dated 31.07.2012 for Rs.66, 18, 543/- (Rs. Sixty Six Lakhs Eighteen Thousand Five Hundred and Forty Three only) issued by the Punjab National Bank (Formerly known as United Bank of India) in favour of the petitioner - HSCL for the aforesaid project as Performance Security. But, the respondent no.3 failed to complete the work awarded to him and thus, the disputes arose between the petitioner - HSCL and respondent no.3. It is averred in the petition that the said Bank Guarantee was extended from time to time on the undertaking of the respondent no.3, the Contractor upto 31.07.2014 and further