HEMANT GUPTA,J. - (1.) The challenge in the present revision petition is to the order passed by the learned trial Court on 16.7.2005 and the order in appeal dated 23.7.2005 passed by the learned first Appellate Court affirming the order passed by the learned trial Court on an application filed by the petitioner under Order 39 Rules 1 and 2 of the Code of Civil Procedure, 1908 (hereinafter to be referred as "the Code") restraining the respondents from encashing the bank guarantee to the extent of Rs.2,41,57,500/-.
(2.) The petitioner is a recognized export house. The petitioner entered into an agreement with M/s Grain Board of Iraq for the supply of 35000 MT of wheat on 15.11.2000. The said contract could not be executed till its revalidation by the World Food Programme on March 10, 2004.
(3.) The petitioner discussed the matter with different Ministries and approached the Food Corporation of India (hereinafter to be referred as "the Corporation") for the purposes of export of said wheat under the aforesaid contract.;