1. Special leave granted.
Having been thwarted by orders of the court below in its attempt to get encashment of the bank guarantees, issued by the State Bank of India, Meerut Cantt. Branch (respondent No. 2) respondent No. 1 has led to the filing of this appeal by the aggrieved beneficiaries.

2. The appellant and respondent No. 1 had entered into an agreement on 27th July, 1994 whereby respondent No. 1 was to supply boiling house equipment the cost of which was Rs. 5.23 crores. The supply of equipment and material was to start from 15th September, 1994 and the same was to be completed by 10th August, 1995, as per the schedule of the supply agreed to by the parties.

3. According to one of the clauses of the aforesaid agreement respondent No. 1 had agreed to furnish bank guarantees in favour of the appellant. Out of the above six, only four bank guarantees were furnished including bank guaran