( 1 ) IN this Petition under Section 33 of the Indian Arbitration Act, 1940 (hereinafter REFERRED TO to as "the Act"), the petitioner prays for a decree of declaration to the effect that there exists no legal binding and subsisting arbitration agreement between respondent No. 1 and the petitioner firm or that any such alleged agreement is not valid or binding on the petitioner and that respondent No. 2 is not entitled to enter upon the reference or proceed with the arbitration in regard to disputes REFERRED TO to by respondent No. 1, arising out of the contract dated 12. 5. 1994.

( 2 ) THE facts leading to the filing of this petition, as set out in the petition, shortly stated are, that the petitioner is a partnership firm registered under the provisions of the Indian Partnership Act; that respondent No. 2 is a company incorporated under the laws of Italy having its registered office at Nepals Italy, whereas respondent No. 2 is a Trade Organization, having its office at London (UK); that respondent No. 1, vide FAX communication dated 12. 5. 1994, agreed to purchase 20,000 M/t of Durum Wheat from the petitioner, which FAX message was received by the petitioner and the