MANBHUPINDER SINGH ATWAL Vs. NEERAJ KUMARPAL SHAH

JUDGEMENT

(1.) In terms of sub-section (3) of Section 9 of the Arbitration and Conciliation Act, 1996, whether the present application filed under Section 9(1)(ii) of the Act is required to be entertained when the Arbitral Tribunal is already continued by the parties and the applicant has taken recourse to remedy under Section 17 of the Act, so as to treat the said remedy under Section 17 of the Act to be not efficacious; whether in the facts of the case, such circumstances exist which may not render the remedy provided under Section 17 efficacious - is the moot question for consideration.

(2.) By means of the present Miscellaneous Civil Application, the applicant has sought to invoke Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Arbitration Act'), to seek interim measures till the conclusion of the arbitration proceedings between the parties, which are pending.

(3.) A Limited Liability Partnership was set up between the respondent Nos.1 and 2 pursuant to agreement dated 10th February, 2015. The present applicant became a Partner of the Limited Liability Partnership (LLP) on 27th February, 2015 upon execution of the addenda agreement. applicant and the respondents, thus are the Partners of the Limited Liability Partnership. It was stated by the applicant that at the time of execution of the agreement, the valuation of the Firm was Rs.05.00 lakhs only wherein amount of Rs.02.25 lakhs was to be contributed by respondent No.1 and the balance amount was to be contributed by respondent Nos.2 and 3. It is the case of the applicant that he brought substantial amount in the partnership firm.