M.N. Bhandari, J. - (1.) BY this application under section 11 of the Arbitration and Conciliation Act, 1996 (for short 'the Act of 1996'), prayer is made to appoint Mr. PK Bhatia as the sole Arbitrator to resolve the dispute between the parties.
(2.) LEARNED counsel for applicants submits that in the partnership firm of M/s. Vijay Industries, partners retired from time to time with an arrangement for payment of amount lying in their capital account. After retirement, the amount lying in the capital account was not paid thus applicants served a notice for appointment of Arbitrator to settle the dispute. The non -applicants failed to act upon the said notice thus on expiry of period of 30 days, this application was submitted before this court. Learned counsel referred various partnership deeds executed between the parties from time to time and, lastly, partnership deeds executed on 1.4.2007 and 1.1.2008. Therein, it was agreed that retiring partner would get the amount lying in the credit of capital account. In view of above, an independent Arbitrator may now be appointed by the court in terms of arbitration clause in the partnership deed.
(3.) LEARNED counsel for non -applicants seriously opposed the prayer made by the applicants. It is submitted that after partnership deed dated 1.4.2007 and 1.1.2008, last partnership deed was executed on 1.4.2008. The earlier partnership deed having been superseded by a new partnership deed, no claim can be raised in pursuance to the previous partnership deed thus application under section 11 of the Act of 1996 is not maintainable.;