( 1 ) THIS is a petition under Sections 32 and 33 read with Section 35 of the Arbitration Act, seeking revocation of the arbitration agreement existing inter-se parties and for declaring the same as void and invalid.

( 2 ) BRIEFLY stated the background of the facts is that the petitioner s tender for the supply of tie bars worth Rs. 26,04,030. 00 was accepted by the Union of India i. i the year 1971. Thereunder according to the petitioner, the respondent Union of India was to supply raw-material in the form of M. S. biiicts and also revise price from time to time in the given circumstances. Petitioner contends that as a result of this contract, substantial expenses were incurred from its side in installing special types of machines and employing additional skilled and semi-skilled technical staff. Some supplies were thereafter effected. In the meanwhile respondent failed to make available the requisite raw-material and did not fully abide by the term relating to the increases in price from time to time, and as such the petitioner was rendered in position as not to make further supplies. In this manner, the petitioner suffered a loss of Rs. 17. 86 lacs. However, resp