1. This is a petition under Sections 33 and 5 of the Arbitration Act, 1940, challenging the existence and, in the alternative, the validity of an arbitration agreement and, in case the existence and validity of the said arbitration agreement are established, to have the effect thereof determined, and for leave of the Court to revoke the authority of the arbitrator appointed under the said arbitration agreement.

2. The facts leading to this petition briefly stated are that on or about 4th of August 1958, the Regional Director (Food), Western Region, Bombay, Government of India, Ministry of Food, issued a tender notice on behalf of the President of India, inviting tenders for purchase of approximately 244 tons of used iron hoops (scrap released from gunny bales) lying in the Government of India godowns at Thana Street, Bombay 9 on the terms and conditions of sale set out in Appendix A to the tender notice. The goods were described in Appendix C to the said tender notice. On 18th August 1958 the petitioners submitted a tender offering to purchase the said goods at the rate of Rs. 607 per ton. The tender was accompanied by a letter of that date addressed to the President of I