SOUMEN SEN, J. - (1.) The defendant No.1, namely, Jindal Steel & Power Limited (hereinafter referred to as the "applicant) has filed this application under Section 8 of the Arbitration and Conciliation Act, 1996 for referring the parties to arbitration in view of an arbitration clause in the coal purchase agreement entered into between the plaintiffs and the defendant No.1. The applicant has also incidentally prayed for stay of further proceedings in the suit.
(2.) The plaintiff has filed a suit against the defendants praying, inter alia, for a declaration that the coal purchase agreement and the associated pledge agreement are required to be delivered up and cancelled. The plaintiffs have also prayed for injunction and money reliefs against the defendant No.1.
(3.) In addition to the aforesaid, a money decree for Rs.970 crore has been claimed against the defendant No.2.;