( 1 ) THE petitioner Milk Food Ltd. has approached this Court by filing a petition under Section 33 of the Arbitration Act, 1940 in which a prayer has been made that order be passed clarifying that the provisions of Indian Arbitration Act, 1940 would apply to the arbitration proceedings pending before the Arbitrators and the order of the two Arbitrators passed on 6. 4. 1998 be declared as incompetent and illegal.

( 2 ) THE brief facts necessary to dispose of this petition are recapitulated in the succeeding paragraphs.

THE petitioner is engaged in a business of manufacturing, marketing and sale of Ghee, Milk Powder, Dairy Whitener, Liquid Milk and Yogurt, etc. Earlier the petitioner was engaged in the business of marketing and sale of Ice Cream under the brand name "milkfood 100%". It is further stated in the petition that respondent No. 1 approached the petitioner with an offer for manufacturing the Ice Cream for the petitioner. The said respondent further represented that it was going to instal a plant for manufacture of Ice Cream having suitable capacity and would arrange for all necessary personnel, permission and labour. The respondent would manufacture Ice Cre