This is an application taken out by the 1st defendant in the suit, C.S.No.1072 of 2007, under Section 8 of the Arbitration and Conciliation Act, 1996, to refer the parties to arbitration in terms of the agreement dated 05.01.2007.

2.Heard Mr.A.L.Somayaji, learned Senior Counsel for the applicant/1st defendant and Mr. Arvind P. Datar, learned Senior Counsel for the 1st respondent/plaintiff.

3. The brief facts, sans unnecessary details, essential for the disposal of this application, are as follows:-

(a) On 05.01.2007, the applicant/1st defendant and the 1st respondent/plaintiff entered into an Agreement known as I.S.D.A. Master Agreement. The said agreement is in a standard format, as prescribed by International Swap Dealers Association. The Master Agreement has a Schedule attached to it, comprising of 5 parts. It is only in the Schedule that the actual transaction between the parties is reduced into specifics.

(b) The aforesaid I.S.D.A. Master Agreement was signed on behalf of the applicant by its authorised signatory and on behalf of the 1st respondent (plaintiff) by its Financial Controller and Secretary, who is impleaded as the 2nd defendant in the suit.

(c) The I.S.D