(1.) THIS is an application by Mr. B.K. Ghose, Receiver, appointed in Suit No. 420 of 1950 for the appointment of an umpire in place and stead of the late Sri Sarat Chandra Bose and for other reliefs.
(2.) THERE were three contracts between Probodh Kumar Sarkar and the respondent Union of India. Each contract contains an arbitration clause providing for reference to two arbitrators one to be appointed by each and in the event of disagreement between them to an umpire appointed by them.
(3.) IT appears that Das Bank Ltd. advanced large sums of money to Probodh Kumar Sarkar. To secure the repayment of such loans and advances there was an equitable assignment of the moneys payable under the contracts by Sarkar in favour of Das Bank Ltd.