( 1 ) THIS is a petition whereby the petitioner, Eacom s Controls (India) Limited, seeks a declaration to the effect that the arbitration agreement dated May 14, 1982 between the petitioner and the respondent No. 1, Bailey Controls Company, stands frustrated and resultantly ceases to have effect. The facts giving rise to the petition, briefly, stated, are as under : The petitioner and first respondent entered into an agreement dated May 14, 1982 whereby the respondent, inter alia, granted to the petitioner an exclusive, nontransferable licence under the Patent Rights and know-how utilised commercially by the said respondent to make licensed products systems in India and a non-exclusive, non-transferable licence to use and sell licensed products and systems in any country in the world except in countries where the said respondent established licensing arrangements for manufacturing in that country or where the said respondent had manufacturing facilities or activities of its own. Subject to and under the agreement, the first respondent agreed to provide know-how and technical assistance to the petitioner in connection with engineering, design, manufacture, assembl