SHAMLAL JOTWANI Vs. VEENA JOTWANI

JUDGEMENT

(1.) This is an application under Sec. 34 of the Arbitration and Conciliation Act, 1996 challenging the Award passed by the learned Sole Arbitrator dtd. 27/5/2009 wherein and where under the Learned Arbitrator awarded an amount of Rs.17,01,080.00 along with interest at the rate of 10% per annum from one month after the date of award till the payment of the awarded amount. BRIEF FACT OF THE CASE IS AS FOLLOWS :

(2.) Premchand Jotwani and Dharamdas Jotwani, were the sons of Late Sugnichand Jotwani. Ginchand Jotwani was the son of Premchand Jotwani. The respondent Smt. Veena Jotwani is the wife of Ginchand Jotwani. The petitioner no. 1 Shamlal Jotwani is the younger son of Late Dharamdas Jotwani. The petitioner No. 2 is the daughter-in-law of Dharamdas Jotwani (Wife of Harilal Jotwani) and the petitioner no. 3 is the wife of Late Dharamdas Jotwani. A partnership Deed was executed on 21/10/1965 for the purpose of carrying out their business namely Bambino at 40E, Free School Street, Calcutta between the following partners with following shares :

(3.) In the year 1966, the partnership firm opens a second shop room at 47/2, Gariahat Road, Calcutta. In the year 1982, the partnership firm was dissolved and a new partnership was re-constituted on 1/7/1982 under which shares of the partners with regard to business of Bambino at Free School Street was divided in the following manner: