SUBHASH CHANDER CHACHRA Vs. ASHWANI KUMAR CHACHRA

JUDGEMENT

(1.) Present is an appeal under Section 37(2)(b) of the Arbitration and Conciliation Act, 1996 (the Act) directed against the order dated November 16, 2006 passed by the Arbitral Tribunal on an application i.e. IA " C/4, filed by the claimants (Respondent herein) under Section 17 of the Act. The application IA - C/4 was filed for interim relief on which the Arbitral Tribunal has issued interim directions to the appellants to release an amount of Rs.1 crore to the respondents in four equal installments of Rs.25,00,000/- each in four months being in the first week of December, 2006 and to pay interest to the respondents on their balance amount of capital reflected in the final amounts as on 31.3.2005 @ 18% per annum. The appellants herein are respondents before the Arbitral Tribunal.

(2.) Disputes are essentially between two families. Appellant Subhash Chander Chachra is the elder brother while the respondent Sh. Ashwani Kumar Chachra is the younger brother. The brothers along with their family members were carrying on business jointly. The two families led by the two brothers consisted of the following members : 1. Mr. Subhash Chander Chachra Ms. Saroj Chachra (wife) Mr. Deven Chachra (son) Ms. Yogita (daughter) They are collectively referred to herein as the Appellants 2. Mr. Ashwani Kumar Chachra Ms. Madhu Chachra (wife) Ms. Ruchita (daughter)" They are collectively referred to herein as the Respondents

(3.) The parties constituted three partnership firms, details whereof are as follows : FIRMS SHARE (%) M/s. SUPERIOR CRAFTS 1. Mr. Ashwani Kumar Chachra - 50% 2. Mr. Subhash Chander Chachra - 50% M/s. SUPERIOR CRAFTS (INDIA) 1. Mr. Ashwani Kumar Chachra - 55% 2. Ms. Saroj Chachra - 45% (W/o MR. Subhash Chander Chachra) M/s. SUPREME EXPORTS (INDIA) 1. Ms. Madhu Chachra (W/o Mr. Ashwani Kumar Chachra) - 45% 2. Mr. Subhash Chander Chachra - 55%"