( 1 ) THIS is an application under Section 34 of the Arbitration Act, 1940, for stay of a suit being Suit No. 1004 of 1979 (Md, Allias Chamoo v. M/s. Champa Pictures ).

( 2 ) THE admitted facts are that the respondent is a lessee of National Talkies situated at No. 12/3, Watgang Street, Kidderpore, Calcutta. The petitioner had transactions with the respondent by which it advanced loans to the respondent from time to time pursuant to an agreement dated the 1st of Feb. , 1966. It appears that up to 30th of Jan. , 1970, a sum of Rs 1,69,452. 26 p. became due and payable by the respondent to the petitioner. Thereafter, by an agreement dated the 4th of Feb. , 1970, the petitioner entered into an agreement with the respondent by which the respondent irrevocably agreed to give the petitioner exclusively business of supplying and exhibiting sound motion pictures at the said cinema house of the respondent with effect from 1st of Feb. , 1970, for and during the entire period of the lease between the respondent and his lesson. The said agreement between the petitioner and the respondent contained various terms and a copy of it is annexed to the petition being anne