JUDGMENT - SUJATA V. MANOHAR, J.:---This is a Notice of Motion taken out by the defendants for the stay of the suit under the provisions of section 34 of the Arbitration Act, 1940. The predecessors in title of the plaintiffs entered into an agreement dated 23rd June, 1961 under which the plaintiffs agreed to supply to the defendants saleable raw petroleum coke produced at the Nunemati Refinery of the Indian Refineries Limited at a price of Rs. 124/- per metric ton exclusive of excise duty, sales tax and other taxes. The agreement provided that the standard of moisture-content of the petroleum coke was as specified in Schedule "A" annexed to the agreement. The actual moisture-content was to be determined from time to time by analysis in the laboratory of the said refinery and rebate at the rates specified in Schedule 'B' annexed to the agreement was to be allowed to the purchasers viz. the defendants. Under Clause 2 of the said agreement, the agreement was to be initially for a period of 7 years and was renewable, at the option of the purchaser for further periods of 5 years on the same terms and conditions except as to price which may be mutually agreed upon. Under Clause 3 of the

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