V. Kameswar Rao, J. - (1.) This is a petition filed under Section 9 of the Arbitration & Conciliation Act, 1996 ('Act', for short) with the following prayers:- "In the circumstances, it is most humbly and respectfully prayed that this Hon'ble Court may be pleased to: (a) Restrain the Respondent from invoking and/or encashing and/or seeking extension of the following Bank Guarantees furnished by the Petitioners and consequently restrain the Respondent from acting upon or giving effect to the Impugned Communications dated 05.04.2020, 07.04.2020 and 10.04.2020; JUDGEMENT_54_LAWS(DLH)6_2020_1.html * IDBI Bank Guarantee at Sl. No. 4 in the table above is counter guaranteed by BBVA Bank vide its Counter Bank Guarantee No: 464841 dated 22.07.2011 of an equivalent amount i.e. Rs.64,27,00,845/- and with the same claim expiry date of 14.12.2020. (b) Direct the Respondent to deliver up to the Petitioner the originals Bank Guarantees mentioned in Prayer (a) above; (c) Pass any such other/further order(s) as this Hon'ble Court may deem fit in the facts and circumstances of the present case and in the interest of justice."
(2.) The facts as noted from the record are, a Petrochemical Complex consisting of several interdependent units viz. Dual Fee Cracker Units ('DFCU', for short), the Polyethylene Unit ('PE unit', for short) the Polypropylene Unit ('PP unit', for short), a Pyrolysis Gasoline Hydrogenation Unit, a Benzene Extraction Unit, Butadiene Extraction Unit and other units for manufacturing variety of petrochemical and allied products has come up at Dehaj.
(3.) For the purpose of construction and setting up of the PE unit and the PP unit, the respondent selected the petitioners as the successful bidder. Pursuant thereto, the parties herein entered into two contracts both dated September 02, 2011 for the PE unit and the PP unit respectively.;