PRATIBHA BONNERJEA, J.

( 1 ) THE respondent 1 Ramniwas Poddar and the respondent 2 Keshar Dev Sharaf carry on business under the name and style of Poddar and Sharaf, the respondent 3 herein and are the owners of the premises No. 1 Belvedere Road, Calcutta (hereinafter referred to as the "said premises" ).

( 2 ) UNDER a scheme of amalgamation duly approved by this Court as well as by the Bombay High Court, the Indian Tube Company Limited was amalgamated with the petitioner as a result whereof all the assets and liabilities, rights and obligations of the Indian Tube Company Ltd. were taken over by the petitioner and the same stood transferred, merged and vested in the petitioner.

( 3 ) THE Indian Tube Company had entered into four agreements with Poddar and Sharof, the respondent 3 herein, for purchasing four flats in the said premises being Flats Nos. 5e, 9e, 12a and 14a. These agreements contained arbitration clauses for resolving the disputes arising out of these contracts. Subsequently, disputes and differences arose between the parties and the respondents 1 to 3 tried to wriggle out of the said contracts. It is alleged that the Indian Tube Company was always ready and willing

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