MAHESH KANTILAL SHAH Vs. SHISHIR CHHOTALAL SHAH

JUDGEMENT

(1.) BY this appeal the appellants seek to challenge the order dated 30th June, 1999 passed by the learned Single Judge dismissing the arbitration petition of the appellants by which the award of the Arbitrator was sought to be challenged on the ground of misconduct.

(2.) WE have heard the learned Counsel for the appellants who submits that in the instant case the award is vitiated because of non -compliance of the provisions of Section 48 of the Indian Partnership Act, 1932. The learned Counsel submits that the Umpire failed to take into consideration Section 48 of the Indian Partnership Act and effect of non -compliance of the same.

(3.) LAW is well -settled that the mode of settlement of accounts between the parties set out in Section 48 of the Indian Partnership Act is subject to agreement by the parties. The parties may agree that the mode prescribed by Section 48 need not be followed with regard to settlement of accounts between the partners.