LAWS(KAR)-2017-10-150

VYSHNAVI BUILDERS Vs. RESERVE BANK OF INDIA

Decided On October 17, 2017
Vyshnavi Builders Appellant
V/S
RESERVE BANK OF INDIA Respondents

JUDGEMENT

(1.) The petitioners in W.P.No.9605/2017 are assailing the order dated 17.11.2016 as at Annexure-F to the petition.

(2.) Petitioner No.1 is a partnership concern of which petitioners No. 2 to 5 and respondent No.3 being the partners, certain disputes have arisen amongst them. In that circumstance, respondent No.3 having approached respondent No.2-Bank relating to the same seeking that the account of the firm be frozen, respondent No.2-Bank has issued the communication dated 17.11.2016 informing that the account bearing No.915020040350247 is frozen and has suspended the operation. The petitioners claiming to be aggrieved are before this Court in this petition.

(3.) In respect of the partnership deed relating to petitioner No.1 in the said writ petition, there being certain disputes amongst the partners, petitioners in C.M.P.No.275/2017 have approached this Court under Section 11(5) of the Arbitration and Conciliation Act, 1996 ('the Act' for short) seeking appointment of the sole Arbitrator to resolve the dispute between the parties. Since both these petitions relate to the very issue relating to the partnership between the parties relating to which the disputes have arisen, they are taken up together and disposed of by this common order.