PUNEET CHANDNA Vs. SANJAY KUMAR

JUDGEMENT

(1.) THIS is a petition under Section 11 of the Arbitration and Conciliation Act, 1996 for appointment of an Arbitrator. The petitioner contended that he entered into a partnership agreement for running the business under the name and style of M/s. Unigenetics Inc having registered office at C-1/121, First Floor, Janakpuri, New Delhi. The share of the plaintiff was 55% whereas the share of the respondent was 45%. According to the petitioner, the partnership was dissolved and a deed of dissolution dated 6th January, 2007 was executed which was duly signed by the parties.

(2.) IT is asserted by the petitioner that few days after the execution and singing of deed of dissolution, the respondent along with his brother, Mr. Rajiv Jain started threatening the petitioner and his wife. According to the petitioner, in gross violation of the terms of dissolution, the respondent has illegally, wrongfully and fraudulently transferred Rs. 1824/- to one Mr. Prabhjeet Singh. The respondent also withdrew a sum of Rs. 7,32,824/- against the total credit of Rs. 6,66,035/-. It is contended that the respondent has withdrawn a sum of Rs. 67,789/- in excess from the accounts of the firm. The respondent has also alleged to have fraudulently generated false and fabricated invoices in back date which do not find mention in Annexure-C to the deed of dissolution. An allegation has also been made regarding issuance of a cheque on the firm's Federal Bank account.

(3.) ACCORDING to petitioner, there is arbitration agreement in terms of Clause 13 of the partnership deed which is as under :