YOGESH JAIN Vs. RAKESH JAIN

JUDGEMENT

(1.) These are two petitions under Sec. 34 of the Arbitration and Conciliation Act, 1996 ('Act') challenging the impugned interim award dated 1st April 2010 passed by the learned sole Arbitrator in the disputes between the parties. While OMP No. 455 of 2012 has been filed by Yogesh Jain (Petitioner No. 1) and Preeti Jain (Petitioner No. 2), OMP No. 688 of 2012 has been filed by their son Apoorve Jain. The Respondents in both the petitions are Rakesh Jain (Respondent No. 1), his wife, Shabnam Jain, (Respondent No. 2), Abhinav Jain (Respondent No. 3) and Akshat Jain (Respondent No. 4). Respondent No. 3 and 4 are sons of Respondent Nos. 1 and 2.

(2.) The background to the present petitions is that Yogesh Jain (Petitioner No.1 in OMP No. 455 of 2012) and Rakesh Jain (Respondent No. 1 in both petitions) are brothers. They are the sons of late Mr. Narendra Kumar Jain. Their mother is Smt. Savitri Jain.

(3.) The case of Yogesh Jain is that late Mr. Narendra Kumar Jain and Preeti Jain (Petitioner No. 2 in OMP No. 455 of 2012) constituted a partnership under the name and style of 'Vardhaman Udyog' by a partnership deed dated 29th Aug. 198 On 18th April 1986, Smt. Shabnam (Respondent No. 2 in both petitions) was inducted in the above partnership deed. Late Mr. Narendra Kumar Jain purchased two plots measuring 200 sq. yds and 151 sq.yds respectively in Khasra No. 630, Village East Gokalpur, Loni Road Ilaka Shahdara, Delhi on 28th Dec. 1987 from Smt. Kanta w/o Shree Chand Gupta. Late Mr. Narendra Kumar Jain further executed a power of attorney ('PoA') in favour of Rakesh Jain on 5th Oct. 1990.