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.) WE have carefully considered the above submissions. We have perused the award as also the judgment of the learned Single Judge rejecting the arbitration petition. The learned Single Judge has considered the above submission of the appellants. He however, found that there was no non-compliance of section 48 of the Indian Partnership Act because the appellant had himself agreed to settlement of accounts by a mode different than the one set out in section 48. Section 48 of the Indian Partnership Act reads as follows: