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MANMOHAN, J: (Oral)

1. Present writ petition has been filed seeking stay of encashment of the bank guarantees dated 15th May, 2014 by the respondent no.1

2. Mr. Parag Tripathi, learned senior counsel for petitioner submits that the encashment letters are in violation of Regulation 16 of the Petroleum and Natural Gas Regulatory Board (PNGRB) as no prior notice was issued to the petitioner. Since Regulation 16 of PNGRB has been relied upon by learned senior counsel for the petitioner, the relevant portion of the same is reproduced hereinbelow:-