1. This is an appeal from a judgment and order passed by Mr. Justice Salil Kumar Roychoudhury on 11th of February, 1981 granting the stay asked for and directing the parties to take immediate steps for initiation of the reference under the arbitration agreement contained in the contract mentioned in the plaint. The judgment was passed on an application under S.34 of the Arbitration Act, 1940 for stay of Suit No.736 of 1978 instituted by I.T.C. Ltd. v. G.J. Fernandez. Before I refer to the relevant averments in the plaint it will be important to understand the background under which this application came to be made. The suit was filed on 29th of September, 1978 by the Charterer, for a declaration that the contract and modifications mentioned in the plaint were void and illegal and a decree for Rs.39,64,341/- or an enquiry as to what amount was due to the plaintiff. In that suit instituted by I.T.C. Limited there were two defendants namely, G.J. Fernandez who was defendant No.1 and secondly, Canara Bank, defendant No.2. George Joseph Fernandez being the defendant No.1 made an application on 24th of April, 1979. George Joseph Fernandez was the absolute owner of two fishing Trawlers Av