JUGAL KISHORE PRABHATILAL SHARMA AND ORS. versus VIJAYENDRA PRABHATILAL SHARMA AND ANR.
The arbitrator had acted on proper material and reasoned basis for valuation of assets. Specific clauses in the dissolution deed governed apportionment of liabilities. Arbitrator’s findings on accounts and payments could not be interfered with by the Court. Award of pre-reference interest was not justified as per substantive law and deed terms, but interest pendente lite from January 1, 1983 onwards was reasonable. Arithmetical errors in the award should be corrected.
Source excerpt
- Award of interest
- Valuation of partnership assets
- Interpretation of dissolution deed
- Arbitrator’s power and misconduct
- Apportionment of liabilities
- Onus of proof in accounts