SABYASACHI MUKHARJI, J.

( 1 ) THIS is an application for stay of suit No, 130 of 1978. There was an arbitration clause in the contract dated the 22nd Sept. 1972. The said arbitration clause was as follows:--"10. In the event of any dispute or differences arising between us during the continuance of this agreement or thereafter, the same shall be decided by Arbitration in Bombay in accordance with the provisions of the Arbitration Act, 1940 or any statutory modification thereof in force for the time being. "

( 2 ) THE plaintiff has instituted this suit on the 3rd Feb. 1978 alleging that by and under an agreement dated the 22nd Sept. 1972, namely the agreement which contained the arbitration clause, the plaintiff agreed to render its services as mentioned in the said agreement. Thereafter the plaintiff has set out the terms and conditions to the said agreement and the plaintiff has further alleged that in pursuance of the said agreement the plaintiff had duly started rendering services and that the plaintiff had maintained a separate account of the transactions under the agreement. The plaintiff has thereafter alleged that in or about July, 1974 the defendant through its directors a

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