X Ltd. agreed to supply 1000 bales of cotton to Y Ltd. at an agreed price within two weeks of formation of the contract. Besides other terms and conditions of the written contract, there was an agreement between the parties for settling the dispute related to quality and merchantable value of the cotton through arbitration. X Ltd. failed to supply the cotton within stipulated time and there arose a dispute between the parties about the fact whether "time was an essence" of the contract or not.Y Ltd. filed a civil suit for damages for the breach of contract. X Ltd. argued that the case should be dismissed by the court as there was an arbitration agreement between the parties and hence the arbitrator should be appointed to settle this dispute. Should the case be dismissed? Why or why not.