It has been pointed out that vide letter dated 29.03.2022 (Annx.15) respondent asked the applicant to renew the bank guarantee/ performance security for next six months and in pursuance thereof applicant extended the bank guarantee and submitted it to the respondent’s office vide letter dated 08.04.2022 (Annx.16). But thereafter, instead of making payment of the due amount of Rs.1,90,93,900/- to the applicant, the respondent encashed the extended bank guarantee of Rs.1,05,23,105/- and issued a termination notice dated 22.06.2022 upon the applicant, terminating the contract. The copy of termination notice dated 22.06.2022 is enclosed as Annexure17. The applicant states that this termination notice was not served upon them on the correct address, nevertheless, the applicant admits to acknowledge the same on 28.06.2022. Thus, according to the applicant, the respondent has illegally withheld the legitimate payments of the applicant and further proceeded to terminate the contract arbitrarily as much as encashed the performance security illegally, therefore, the dispute has arisen between the parties within the ambit of the terms of the contract.