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Relevant portions of the bank guarantee read as follows:

"SUBJECT TO AS AFORESAID ..........If at the end of the period (during 11.10.2011 to 07.04.2012) being implemented, it is found that M/s. S. K. Sarawagi & Co. Pvt. Ltd. has failed to fulfil the Minimum Guaranteed Throughput commitment, KoPT shall have the liberty to encash the Bank Guarantee.
We Bank of India, Visakhapatnam Main Branch, Visakhapatnam (hereinafter referred to Bank) which expression shall, unless repugnant to the context or meaning thereof, include its successors, administrators, executors and assigns) do hereby guarantee and undertake to pay KoPT on demand any and all monies payable by S.K. Sarawagi & Co. Pvt. Ltd. To the extent of Rs.68,63,940/- (Rupees Sixty Eight Lac Sixty Three Thousand Nine Hundred Forty Only) as aforesaid at any time upto 07.06.2012 without any demur, reservation, contest, recourse or protest and or without any reference to M/s. S.K. Sarawagi & Co. Pvt. Ltd.