JUDGMENT

ANIL R. DAVE, J.

1. Heard the learned counsel.

2. The arbitration clause incorporated in the agreement regarding sale contract dated 2nd May, 2011 reads as under:

“Disputes: In case of any dispute arising out of this agreement between the parties, the same shall be referred to the arbitration under the by-laws of Indian Company’s Act 1956 and all amendments of this Act up to date or shall be settled and decided by arbitration as per International Trade Laws and all amendments of this Act up to date.”

3. Upon perusal of the said clause it is very clear that the parties to the agreement had agreed to refer the dispute to arbitration under the provisions of the ‘By-laws of Indian Companies Act, 1956’.

4. The learned counsel appearing for the parties had fairly conceded that there are no by-laws framed under the provisions of the Indian Companies Act, 1956.

5. Though an effort was made to show that in a reply to a winding up petition, one of the parties had agreed to refer the matter to arbitration but there also there was vagueness and even that willingness to refer the dispute to an arbitrator cannot be said to be an arbitration agreement.

6. Upon perusal of the aforestated c