NARENDRA KUMAR ANCHALIA Vs. KRISHNA KUMAR MUNDHRA

JUDGEMENT

(1.) An 'award' dated 18th September, 1998, passed by the Arbitral Tribunal was challenged by the present appellant, as petitioner, by filing an application under the Arbitration and Conciliation Act, 1996. The Backdrop of the case may briefly be stated as follows :

(2.) The petitioner and the respondents agreed to enter into a joint venture business and for this, an agreement was executed on 12th May, 1997. They agreed to share the profit and loss in respect of the said business equally. It was further agreed that they would be entitled to withdraw their investments along with the profits after adjustments and settlement of accounts between themselves.

(3.) Disputes and differences cropped up and following the Arbitration Clause in the agreement, the matter was referred to the Arbitrators named in the said agreement. On completion of the Arbitration proceeding, 'award' was published on 18th September, 1998.