1. This is an application filed by the first defendant under Section 8 of the Arbitration and Conciliation Act, 1996 to refer the parties to the suit to arbitration and consequently dismiss the suit itself. Heard the learned counsel for the applicant and the learned Senior Counsel for respondents 1 and 2, who are the plaintiffs in the suit. The suit is for a declaration to set aside the sale deed dated 17.9.2001 executed by the first defendant in favour of defendants 2 and 3; for recovery of possession an d for other reliefs. The first plaintiff, who is the husband of the second plaintiff, is an employee of the first defendant. Admittedly, there is an agreement called housing loan agreement to which the first defendant a the “lender” (Party of the first part); second plaintiff as the “Borrower” (Party of the third part) and the first plaintiff as the “Guarantor” (Party of the second part) are parties. This agreement admittedly relates to the housing loan availed of by the plaintiffs. It appears that ther e is a default in repayment of the loan amount. It is the case of the first defendant that when the first plaintiff was under their employment stationed at Pondicherry, h