SINHA, J. :- This is an appeal against an order made by Ray, J. dated the 29th May, 1962 staying the suit, filed by the respondent-appellant being suit No. 1432 of 1961 (Bengal Jute Mill Co. Ltd. v. Laichand Dugar) and all proceedings thereunder. The facts are as follows : On or about 10th October, 1960 the petitioner agreed to buy from the respondent and the respondent agreed to sell to the appellant 80,000 bags of B. Twills manufactured by the respondent, at the rate of Rs. 160/- per 100 bags, free alongside export vessel in the Port of Calcutta. The contract, being contract No. 280 dated 10th October, 1960, was made by an exchange of bought and sold notes made in the usual form of the East India Jute and Hessian Exchange Ltd., Calcutta through a broker S. N. Goenka who is a licensed broker of the said Exchange. Both the bought and sold notes contained a written condition that delivery of the goods was to be given against payment in cash positively on 10th October, 1960 against Mills pucca delivery order. There is the usual Arbitration clause for reference of disputes under the contract to the arbitration of the Bengal Chamber of Commerce and Industry. On the 22nd March,