ASHOK S/O SHIVAL INGAPPA HUMBARWADI; DUNDAPPA S/O SHIVALINGAPPA HUMBARWADI AND ORS Vs. VASUDEV S/O PADAPPA HANJI AND ORS

JUDGEMENT

(1.) M.F.A. No. 23953/2009 is preferred challenging the order passed by the Principal District Judge, Belgaum in Arbitration Case No. 1/2005 where he has set aside the award passed by the Arbitrator, declared it as null and void and further directed appointment of fresh panel of Arbitrators and other consequential orders.

(2.) For the purpose of convenience the parties are referred to as they are referred to in Arbitration Case No. 1/2005.

(3.) The petitioner-plaintiff and the first respondent herein were classmates and good friends, who studied Engineering together in B.V.B. Engineering College, Hubli. They started a partnership firm under the name and style of Ashok Iron & Steels in the year 1973. In the year 1982 a Limited Company incorporated in the name of Ashok Iron Works Pvt. Ltd., was also commenced. The first respondent family held 75% share and the petitioner-plaintiff held 25% shares in the said Company. Later the partnership firm Ashok Iron & Steel was taken over by paying money. In addition to the said business between 1976 to 1978 three partnership firms which are Jaihind Engineering, Progressive Engineering and Standard Engineering were formed. Again the partners in these firms were the family members and the percentage of partnership was again 75:25 as mentioned above between the two family.