NITIN GUPTA Vs. ARRPIT AGGARWAL

JUDGEMENT

(1.) This petition moved under Sec. 9 of the Arbitration and Conciliation Act, 1996 (in short the 'Arbitration & Conciliation Act') seeks:- i) To restrain the respondent/his representatives, assignees, agents, employees or any other persons acting on his behalf from carrying out any business operations in the name of M/s Vidhyasha Pharmaceuticals or transacting in the name of the Firm in any manner till the final adjudication of the arbitration proceedings; ii) Closure of the production activities of the partnership firm till the dissolution of the firm gets completed; iii) To restrain the respondent from selling, transferring, alienating, encumbering or disposing of any goods, stock-in-trade, raw materials, finished goods, or any part of the inventory lying at the partnership firm; and for freezing the bank accounts in the name of the partnership firm. Further prayer has been made to appoint a Receiver to take possession, custody and control of the entire inventory of the partnership firm including all stock-in-trade, raw materials, finished goods and any other assets forming part of the firm's inventory.

(2.) M/s Vidhyasha Pharmaceuticals was constituted as partnership firm on 24/6/2014 between S/Sh. Parkash Chand Bansal, Nitin Gupta (petitioner) and Arrpit Aggarwal (respondent). Sh. Parkash Chand Bansal retired from the partnership firm. The firm was reconstituted on 6/1/2015 between the remaining two partners who had 50% shares in the net profits and losses of the partnership business. Both the partners (parties herein) are real cousins. The partnership firm was to manufacture pharmaceutical products, medicines, tools, dyes and also to do service job work.

(3.) I have heard learned counsel for the parties and considered the case file.