CHENNAI BEST BLUE METALS Vs. SARVEPALLI VIJAY SEKHAR

JUDGEMENT

(1.) This Arbitration Application has been filed under Sec. 11(6) read with Sec. 15(2) of the Arbitration and Conciliation Act, 1996, (for short 'the Act') seeking for an appointment of substitute Arbitrator for applicants and the respondent to adjudicate claims/disputes arose between the parties.

(2.) Brief facts as stated in the Arbitration Application are that the Applicant No.1 M/s.Chennai Best Blue Metals, is a partnership Firm, represented by its partner Smt.Sarvepalli Praveena. Applicant No.2 is Smt.Sarvepalli Praveena W/o.Sarvepally Vijay Sekhar. The sole respondent is Sarvepalli Vijay Sekhar.

(3.) The Applicant and the respondent are partners in the Applicant No.1 Firm vide Partnership Deed dtd. 3/3/2012 bearing registration No.672 of 2012 registered with the Registrar of Firms, Hyderabad South. The Applicant No.1 Firm is engaged in the business of mines and quarries. The profit and loss sharing ratio of the Applicant No.2 and the Respondent in the Applicant No.1 Firm is 40% and 60%, respectively.