JUDGMENT

K. Ramaswamy, J.-Leave granted.

2. This appeal by special leave arises from the judgment and order passed on April 10, 1992 by the Delhi High Court in O.M.P. No. 62 of 1992.

3. The appellant filed an application under Section 33 of the Arbitration Act, 1940 (for short, "the Act") for declaration that there exist no agreement between the appellant and the first respondent-Indure Pvt. Ltd. on the basis of which a dispute for a claim of Rs. 1,68,73,628/- could be referred for arbitration as the agreement set up by the respondent was non est and alternatively the dispute was not arbitrable under the agreement. Accordingly it sought declaration to set aside the said agreement. The learned single Judge of the High Court in the impugned order held that the draft agreement dated June 22, 1984 contains provision for arbitration under clause (14) and the appellant is bound thereby; consequently, the arbitrators are entitled to arbiter the dispute.

4. The dispute arose in the backdrop of the facts that the U.P. State Electricity Board had floated tenders for construction, supply and erection of mechanical equipment and construction work including consultancy services. Last date for submi