HARISHANKAR SINGHANIA Vs. GAUR HARI SINGHANIA

JUDGEMENT

(1.) THIS Chamber Summons has been taken out on behalf of defendants 1 to 9 in Arbitration Suit No. 1904 of 1992 for revocation of leave granted to the plaintiffs under Clause XII of the Letters Patent for filing the said suit in this Court.

(2.) ON the terms and conditions reduced to writing in the Deed of Partnership executed on 21st February, 1980, plaintiffs 1, 2 and 3 representing their respective Hindu Undivided Families, one Shripati Singhania and defendants 1, 4, 7 and 10 and original defendants No. 14 representing their respective Hindu Undivided Families entered into partnership for carrying on business in the firm name and style of Jugilal Kamlapath Bankers (for short, the said firm ). The said firm held substantial assets and properties including immoveable properties, money in Bank account and shares in various companies. Such properties were situated at Bombay, Calcutta and Kanpur. Since disputes and differences arose amongst the partners in the said firm, the partners of the said firm agreed to settle their disputes by dissolving the said firm and dividing the assets of the said firm amongst themselves. A Deed of Dissolution dated 26th March, 1987 was executed and the said firm was dissolved with effect from 19th March, 1987. The said Deed of Dissolution contained an arbitration agreement. By and under the said Deed of Dissolution, the parties thereto agreed to divide and distribute various assets of the said firm as specified therein.

(3.) AS per Clause 4 of the said Deed of Dissolution, the parties thereto agreed to distribute the immovable properties mentioned in Annexture II thereto free from all encumbrances in proportion to their respective shares in the partnership. The distribution was to be completed as soon as possible and the parties were to strive to accomplish the same by 31st May, 1987. By Clause 7 (a) of the said Deed of Dissolution, the parties thereto agreed to do all such other acts, deeds and things and execute such further deeds and documents as might be necessary or required for more fully assuring the ownership of and exercise of the rights in relation to the assets to be divided and distributed amongst the partners and for completing the winding up of the partnership. By Clause 11 of the said Deed of Dissolution the parties thereto agreed to sign and execute all such further documents to do execute or perform such further acts or things as might be required to implement or give effect to the said Deed of Dissolution.