( 1 ) WHICH of the two acts would prevail. Would the provisions of Arbitration and Conciliation Act, 1996 override those of Recovery of Debts due to Banks and Financial Institutions Act, 1993 (RDB Act) is the interesting question raised in this petition. Petitioner No. 1 is the principal borrower and petitioner Nos. 2 to 5 are its guarantors. Petitioner No. 1 executed an export credit agreement with respondent Bank to which other petitioners were not parties. The agreement contained the following arbitration clause:-

28. IN the event of any dispute or defence whatsoever in any manner relating to this agreement including any dispute or dues as regards the consideration or validity of this document or any part thereof or as to any Act done or committed to be done hereunder or otherwise whosoever the same shall be decided by the sole and summary arbitration by the Chairman of the Bank for the time being or in the event of their being no chairman by the Chief Executive Officer for the time being of the Bank or if he is unable or unwilling to act, then, or any person nominated, or any officer of Bank and it shall be no objection to any such arbitration of the said Chairman or an