( 1 ) THIS is an application under Section 34 of the Indian Arbitration Act, 1940 for stay of a suit filed by the respondent Kamal Kumar Agarwal. The petitioners, Ganesh Chandra Dey and Ghanashyam Das and the respondent are the partners of a firm known as "esbi CYCLE INDUSTRIES" at No. 7, Ganesh Chandra Avenue. Calcutta, under a deed of partnership dated November 2g, 1963. It provides that the capital of the partnership firm shall be as follows: . Rs .

1. Shri Ganesh Chandra Dey 5000

2. Shri Ghanshyam Das 5000

3. Shri Kamal Kumar Agarwal 20000

It is further provided that in addition to the above capital contribution Shri Kamal Kumar Agarwal shall arrange for further capital required for the business of the firm which shall bear an interest @ 9% per annum. But under the said agreement the profits and losses of the firm are to be determined equally among them that is to say each of the partners will have 1/3rd share in the profits and losses. Sometime in June 1969 disputes and differences arose between the petitioners on the one hand and the respondent on the other as set out in paragraph 9 of the petition. By a letter dated July 22, 1969. the responden