1. The present Civil Revision Petition is directed against the order of the learned Principal District Munsif, Madurai Town dated 16.11.2004 made in I.A. No. 54 of 2003 in O.S. No.1477 of 1996.

2. The first respondent herein has filed the Suit in O.S. No.1477 of 1996 on the file of the learned Principal District Munsif, Madurai Town against the petitioner and the second respondent for permanent injunction restraining the petitioner herein from enforcing the bank guarantee dated 12.4.1988 and restraining the second respondent herein from making payment of the amount covered by the bank guarantee dated 12.4.1988 to the petitioner herein and for costs. In the said Suit, the petitioner, who was the first defendant, has filed an Application in I.A. No.54 of 2003 under Section 8(3) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act"). The case of the petitioner is that the agreement between the petitioner and the first respondent herein contains an arbitration clause. Hence, an Application in I.A. No.196 of 2001 was filed earlier under Section 8 of the Arbitration and Conciliation Act invoking the said arbitration clause. At the time of filing t