JUDGMENT :

R.D. Dhanuka, J.

1. By this petition filed under section 34 of the Arbitration and Conciliation Act, 1996, the petitioners have impugned the arbitral award dated 15th April, 2016 rejecting the claims filed by the petitioners and directing the petitioners to pay cost of Rs. 7,00,000/- to the respondents. Some of the relevant facts for the purpose of deciding this petition are as under.

2. The petitioners were the original claimants whereas the respondents were the original respondents in the arbitral proceedings. On 2nd April, 1977 V.U. Shah Family Trust and N.U.F. Shah Family Trust and C.U. Shah Family Trust constituted a partnership firm in the name and style of M/s. Prospective Traders. On 9th December, 1985, the original partners thereafter took the petitioners and the respondents as partners of the said firm. Clause 11 of the said Deed of Partnership provided that upon retirement of any of the partners, the partnership shall not be dissolved but the same shall continue as regards the continuing partners. Clause 16 of the said Partnership Deed provides for arbitration.

3. It is the case of the petitioners that on 24th April, 1998, the original partners served notice of re