A. RAMAMURTHI J.

For the Applications filed by the defendants under Order 14, rule 8 of the Original Side Rules read with section 8 of the Arbitration and Conciliation Act, 1996, and also under section 22 of the Sick Industrial Companies Act.

The case in brief is as follows : The plaintiff instituted a suit for declaration that they are the sole and absolute owners of the suit schedule machinery, for a mandatory injunction directing them to deliver the schedule mentioned properties to them at Chennai, and also for permanent injunction. The existence of the alleged hire purchase agreement dated March 31, 1997, is denied. The transaction between the two companies is nothing but a loan transaction is evidently clear from the documents. The transaction was styled and named as "hire purchase agreement" so as to enable the plaintiff to obtain a tax benefit towards depreciation. The plaintiff not being the owner of the schedule mentioned equipment, is not entitled to re-possess the same. This court does not have the jurisdiction to entertain the suit in view of the valid arbitration agreement that has come into existence between the parties. The plaintiff caused a legal notice d