Operational Creditor sent a notice dated 11.06.2021 for clearing outstanding dues. An undated letter was received by Operational Creditor on 14.06.2021 prematurely and without authority under the Agreement decided to invoke arbitration. A meeting was held between the parties and certain terms and conditions were agreed for resuming the work, however, later on, the corporate debtor altered that payment shall be considered after 2 weeks. The Corporate Debtor email dated 18.06.2021 reverted, to which Operational Creditor replied that milestones worth Rs. 45-50 lakhs is pending. The operational Creditor gave a reply to the notice sent by Corporate Debtor invoking arbitration stating that there has been no dispute in respect of milestones completed or payments for invoices that were already agreed and acknowledged. The Corporate Debtor then invoked Bank Guarantee on 26.06.2021 alleging that there was a failure on the part of the Operational Creditor to perform the contract. The Operational Creditor has already filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996 seeking interim relief in relation to the invocation of a bank guarantee which is pending for adjudication. 4. It is submitted by the petitioner in Form 5, Part IV that the amount claimed to be in default is Rs. 3,81,13,654/- (Rupees Three Crore Eighty One Lakhs Thirteen Thousand Six Hundred and Fifty Four Only). The default occurred on 20.06.2021 i.e. date on which the last invoice was
