( 1 ) THIS petition under Section 9 of the Arbitration and Conciliation Act, 1996 (for short the Act ) has been filed, inter alia, on the allegations that Navbharat Ferro Alloys Ltd. petitioner and its division Beardsell Engineering entered into two agreements with the respondent. Agreement dated May 7, 1991 of the contract value of Rs. 5,01,50,000. 00 was for supply of equipment and spares while dated May 5, 1991 of the contract value of Rs. 65,50,000. 00 was for the execution of the work relating to raw-material handling system for the design, civil works, erection, testing and commissioning at Bhargarh (U. P. ). Both the aforesaid agreements contain arbitration clauses. It is alleged that in or about January 1992 respondent informed the petitioner that as there were serious problems in their management they were not in a position to proceed with the work and asked the petitioner to stop it for the time beingsick Industrial Companies (Special Provisions) Act, 1985. By that time petitioner had raised invoices towards the supply of materials to the extent of Rs. 1,26,06,792. 00 and towards the services for Rs. 12,44,891/05p. M/s. Howe and Co. Private Ltd. , consult