JUDGMENT :

(Krishna Rao, J.) :

1. This is an application under Section 34 of the Arbitration and Conciliation Act, 1996 challenging the Award passed by the learned Sole Arbitrator dated 27th May, 2009 wherein and where under the Learned Arbitrator awarded an amount of Rs. 17,01,080/-along with interest at the rate of 10% per annum from one month after the date of award till the payment of the awarded amount.

BRIEF FACT OF THE CASE IS AS FOLLOWS :

2. Premchand Jotwani and Dharamdas Jotwani, were the sons of Late Sugnichand Jotwani. Ginchand Jotwani was the son of Premchand Jotwani. The respondent Smt. Veena Jotwani is the wife of Ginchand Jotwani. The petitioner no. 1 Shamlal Jotwani is the younger son of Late Dharamdas Jotwani. The petitioner No. 2 is the daughter-in-law of Dharamdas Jotwani (Wife of Harilal Jotwani) and the petitioner no. 3 is the wife of Late Dharamdas Jotwani. A partnership Deed was executed on 21st October, 1965 for the purpose of carrying out their business namely Bambino at 40E, Free School Street, Calcutta between the following partners with following shares