MANMOHAN SINGH, J.

1. Petitioner M/s. Prinknit Retails Ltd., who is a manufacturer of readymade garments, filed the petition under Section 14(2) of the Arbitration and Conciliation Act, 1996 seeking quashing of order dated 24th March, 2012, declaration of termination of the mandate of the Delhi Hindustani Mercantile Association to act as arbitrators.

2. In short, the case of the petitioner is that the petitioner company received a notice 10th May, 2011 from Delhi Hindustani Mercantile Association (in short DHMA) stating that the respondent firm had some claims against the petitioner company. In the claim, the respondent sought payment of a Rs.1,92,41,398/- from the petitioner company which includes Rs.1,18,84,438/- as outstanding for goods allegedly purchased from the respondent, Rs.73,45,960/- as interest @18% upto 21.12.2010 and Rs.11,000/- as notice charges. In the claim, the respondent firm sought to rely upon the purported arbitration clause that was printed upon its bills. The specimen of the clause as appeared on bill No.2463 reads as under:

“In case of any dispute between you and us regarding payment etc. or any other business matter we both shall approach the Delh