JUDGMENT - F.I. REBELLO, J.:---Admit.

2.Respondents waive service. By consent, heard forthwith.

3.By the present petition, the petitioners have sought a declaration that no disputes exist between the petitioner and respondent No. 1 arising out of the Fire Policy No. 24373/94 issued by the petitioners in favour of respondent No. 1 on account of State Bank of India. Another declaration is also prayed for as well as a prayer for injunction to restrain respondent No. 2 to proceed with the Arbitration proceedings.

It is the case of the petitioners that though there is an arbitration clause viz. Clause No. 11 in the agreement between the parties, the petitioners have fully satisfied the claim of the respondent No. 1 and as such there is no arbitral dispute which could have been referred to arbitration. In other words what is contended is that, as no disputes exist respondent No. 1 could not have invoked clause 13 of the Agreement and as such the declaration as prayed for.

The question that has to be decided is whether the petition alongwith the prayers as sought is maintainable.

4.On behalf of the petitioners it is contended that this Court has jurisdiction even though there is no arbi

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