T K AGGARWAL Vs. TARA CHAND JAIN

JUDGEMENT

(1.) Application under Section 34 of the Arbitration & Conciliation Act,1996 challenges award dated 17.9.2001 passed by Justice M.L.Jain (Retd.)

(2.) Objectors filed a suit in this Court for dissolution of partnership and rendition of accounts being Suit No.2752/89. It was stated in the plaint that the first objector was a qualified Engineer and that objectors No.2 and 3 were his sons. Objector No.1 was known to one B.P.Jain, an Assistant Engineer with CPWD . Respondent No.7 was brother of B.P.Jain. Respondent No.1, Tara Chand Jain, was a close associate of B.P.Jain. Respondent No.1 was engaged in business as a contractor and was working under the name and style 'M/s Jain Construction Co.' with office at 149, Civil Lines, South Muzaffar Nagar (U.P.). It was further averred that respondent No.2 is the son of respondent No.7, respondent No.3 is the wife of respondent No.7 and respondents 4 and 5 are the daughters of respondent No7. It was stated that respondent No.6 is the wife of B.P.Jain, elder brother of respondent No.7.

(3.) Further allegations in the plaint were that U.P. State Sugar Corporation, respondent No.8 had awarded a contract of about Rs.2 crores to M/s Jain Construction Co. and Northern Railways, respondent No.9, had awarded a contract of about Rs.75 lacs to the said firm. With said two major contracts at hand, respondents 1 and 7 approached objector No.1 to participate in the business with him. After discussions, it was agreed that the objectors and respondents 1 to 6 would enter into a partnership and accordingly, on 28.1.1988, a deed of partnership was executed by the objectors and respondents 1 to 6.