GITA MITTAL, J.

( 1 ) THIS petition raises two very interesting questions which are required to be answered. The first question raised is whether a party can seek interim relief on the ground that the other side has raised a dispute before the arbitral Tribunal. The second question which has been raised by the respondent is to the effect that on account of sickness of its partner in a joint venture under the sick Industrial Companies (Special Provisions) Act, the underlying shareholders agreement between the parties is rendered frustrated and incapable of implementation. Consequently, the petitioner cannot base a petition for prohibitory relief based on a clause in this agreement which prohibited the parties thereto from undertaking any business similar to that of the joint venture during its currency.

( 2 ) SO far as the basic facts are concerned, there is no material dispute and to the extent necessary, they are noticed hereinafter. The petitioner M/s modi Rubber Ltd. , (hereinafter referred to as 'mrl' for brevity) entered into a memorandum of Understanding ('mou') dated 1st July, 1988 with M/s Guardian international Corporation arrayed as respondent before this court, (herein