G. RAJASURIA, J.

A ‘resume’ of facts, which are absolutely necessary for the disposal of this application would run thus:

The respondent/Plaintiff filed the suit seeking the following reliefs: -to direct the defendant to pay the plaintiff a sum of Rs.1,62,47,706/- inclusive of interest at 18% till the date of the suit with future interest at the rate of 6% till the date of realization.

-for costs.

Whereupon the applicant/defendant filed this Application No.2635 of 2008 under Order 14 Rule 8 of Original Side Rules read with Section 8 of the Arbitration and Conciliation Act, 1996, with the following prayer:

“To refer the dispute to arbitration and dismiss the above suit as not maintainable.”

2. For convenience sake, the parties are referred to here under according to their litigative status in the suit.

3. The learned senior counsel for the defendant drawing the attention of this Court to the averments as found set out in the affidavit accompanying the application as well as the averments in the plaint and the typed set of papers filed on either side, would set forth and put forth his argument to the effect that under Clauses 58 and 59 of the agreement, which emerged betwe