BASANT ISPAT UDYOG PVT. LTD. Vs. BASANT INDUSTRIES

JUDGEMENT

(1.) Heard Ms. Utkarshni Singh, Advocate, holding brief of Shri Pankaj Agarwal, learned counsel for the applicant and Shri Manish Goyal, learned Senior Counsel assisted by Sri Archit Mehrotra, learned counsel for the respondents.

(2.) The present application has been filed under Section 11 read with Section 15(2) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) for appointment of a substitute arbitrator for adjudication of disputes arising under Retirement Deed dated 31.10.1995. Admittedly, S/s Ram Prakash Mittal,Vinay Mittal, Sri Om Prakash Mittal and Sri Rajeev Mittal constituted a partnership firm, namely, M/s Basant Industries. Under the retirement deed dated 31.10.1995, Sri R.P. Mittal and Sri Vinay Mittal have been described as retiring partners whereas Sri Om Prakash Mittal and Sri Rajeev Mittal as continuing partners.

(3.) Under Clause 5 and 6 of that Retirement Deed, the continuing partners would manufacture/market diesel engine, pump and pump-sets under the brand name and trade mark 'Atul Shakti' at all places except inside the State of U.P. and they would not market generating sets under the brand name 'Atul Shakti'. Also, under clause 6 of that deed the retiring partners were given the right to manufacture and market generating sets in the brand name and style 'Atul Shakti' in the whole of India and diesel engines only in the State of Utter Pradesh. They were also restrained from selling or marketing diesel engines, pump and pump-sets with the brand name 'Atul Shakti' except inside the State of U.P. Then, clause 10 of the said retirement deed read as under:-