- (1.) Application for permission to file special leave petition is allowed. Leave granted.
(2.) This appeal is directed against the judgment and order dated 21st June, 2007 passed by a Division Bench of the Calcutta High Court whereby an appeal preferred against an order dated 5th June, 2007 of a learned Single Judge of the same High Court was dismissed and the order of the learned Single Judge was affirmed. The learned Single Judge by his order dated 5th June, 2007 had vacated an interim order of status quo granted earlier on an application filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act") for an order of injunction restraining the respondent from receiving any payment under a Letter of Credit.
(3.) At this stage, we feel it proper to narrate the facts which have given rise to the filing of this appeal in this Court.;