( 1 ) THIS is an application under Sections 5 and 12 of the Arbitration Act, 1940 inter alia for (1) leave to revoke the authority of the arbitrators and appointment of arbitrators in their place and stead [prayer (b)]; (ii) injunction restraining the respondents from proceeding with the arbitration pending decision of the application [prayer (c) and (d)]. Prayer (a) has not been pressed.

( 2 ) IT is not in dispute that the Technical Collaboration Aggreement containing the Arbitration Clause is valid and binding between the parties. The said Clause also provides that the conduct of arbitrator including fees for the same will be governed by the ICC, rules.

( 3 ) THE petitioner challenged the validity of the said agreement in this Court on the ground that the same is violative of the provision of the Foreign Exchange Regulation Act. The said agreement was however held by me to be not violative of the said Act and that the same was also held to be valid. The said judgment and decision was challenged in the Supreme Court and the Supreme Court also took the same view in the case of Burn Standard Company Ltd. v. M/s. Mc Dermott International Inc. reported in AIR 1991 SC 1