(1.) Heard Shri Ratnesh Chandra, learned counsel for the petitioners and Shri Aakash Prasad, learned counsel for the respondent.
(2.) On 26.04.2010, an agreement entered between the Uttar Pradesh State Road Transport Corporation, Lucknow and M/S Goldrush Sales and Services Ltd., Lucknow. Clause 45 of the agreement provides for arbitration, which reads as under :-
(3.) As some dispute and different arisen between the parties arising out of the agreement, so the arbitration clause has been revoked as per Clause 25 of the agreement.