JUDGMENT :

1. By way of this Arbitration Petition under Section 11 of the Arbitration and Conciliation Act, 1996, the petitioners have prayed for following reliefs :-

“7(A) That this Hon’ble Court be pleased to appoint any Retired Judge of this Hon’ble Court as Second Arbitrator to constitute the Arbitral Tribunal in accordance with provisions of Section 11 of the Arbitration and Conciliation Act, 1996 for adjudicating the disputes and differences existing between the parties;

(B) Such other and further reliefs as may be deemed fit and proper in the facts and circumstances of the case may be granted in favour of the petitioners.”

2. The case in brief is that petitioner no. 1 and respondent no. 1 are brothers whereas petitioner nos. 2 to 4 and respondent nos. 2 to 4 are their respective family members. The petitioners as well as the respondents were jointly carrying business of manufacturing and marketing of building construction products, trading and/or supplying building material and/or construction products and/or construction and development of the land. For the purpose said business, the petitioners and respondent nos. 1 to 4 jointly formed several partnership firms and setup priv