( 1 ) THIS application has been made under Section 34 of the Arbitration Act by the petitioner for the stay of the suit No. 448 of 1969 end all proceedings relating thereto and arising therefrom. The facts leading to the making of this application are stated hereunder.

( 2 ) BY exchange of a Bought Note and a corresponding sold note both bearing No. RJ-50521 dated March 16. 1968, through the broker R. L. Saraf and Co. . the petitioner sold to the respondent and the respondent bought from the petitioner 600 Maunds (equivalent to 22394 Kgs.) Agartala Mesta Fibre at the rate of Rs. 38. 50 P. per Maund working out at Rs. 103. 15 P. per quintal delivery on 31st March, 1968, at the buyers' mill siding. The detailed terms and conditions of the said transaction would appear from a copy of the Sold Note annexed as Annexure B to the petition filed herein.

( 3 ) THE said contract between the parties was subject to the terms and conditions of the East India Jute and Has-sian Exchange Association Ltd. relating to contracts for raw jute. All the terms and conditions of the transferable specific delivery contract for raw iute of the East India Jute and Hessian Exchange Associat