Petition under Sec.34 of Arbitration and Conciliation
Act 1996 seeking setting aside of the arbitral award
passed in A.C No.2/2015 dated 27.05.2023 by the Majority
Arbitral Tribunal.
Parties are referred as per their rank before
the Arbitral Tribunal.
2. Facts in brief is as under:-
The claimants had preferred a claim before the
tribunal for awarding a sum of Rs.2,13,39,797/- with
interest of Rs.77,33,857/- at 18% p.a. from the date for
sale deed till realization.
The firm M/s.Sist & Company was originally
constituted as a partnership under the partnership deed
dated 21.10.1972. The firm consisted of 7 partners
including deceased V. Sarojamma and Smt. Sharadamma.
As per the terms of the partnership deed each of the
partners were required to contribute a sum of Rs.1,000/-
as their capital and the firm did not own any immovable
property. Sri.M Krishnamurthy the partner of the firm was
Com AP 125/2023
in ownership of 3 Acres and 6 Guntas of land in Sy.No.8
and 9, Karisandra Village, Uttarahalli Hobli, Bengaluru
South Taluk, who contributed the said land as capital
contribution to the said firm. The said Krishnamurthy as
Managing Partner of the firm constructed industrial sheds
on the said land by raising loan which was leased out with
an intention that there shall be some regular income for
his sisters and a daughter. The said lease generated
regular income to the partners. Said M Krishnamurthy is
the brother of deceased V Sarojamma. One of the partner
Smt. Sharadamma passed away on 16.06.1994 and a suit
in O.S.No.1549/1996 came to be filed by one Sri.
Kumaraswamy S/o Late Sharadamma against the said firm
M/s. Sist & Company and its partners including V.
Sarojamma where a decree was sought to direct the firm
to induct him as a partner. In the said suit Sarojamma
who was defendant No.4 remained exparte. During the
pendency of the suit M. Krishnamurthy passed away and
the suit was decreed and the first was reconstituted by the
remaining partners. Smt. A Sujartha the D/o Late
Krishnamurthy succeeded to the share of Krishnamurthy
in the said firm by increasing the share to 2/7.
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