Anil Kumar, J. - (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 :- "Any dispute arising out for in connection within agreement shall be referred to the sole arbitration of the Managing Director or his nominee not below the rank General Manager where decision shall be final binding both (Contractor and UPSRTC CONTRACTEE) subject to the provision of Arbitration & Conciliation Act, 1996."
(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 As some dispute and different arisen between the parties arising out of the agreement, so the arbitration clause has been revoked as per Clause 25 of the agreement.;