This is a petition, filed under Section 11 of the Arbitration and Conciliation Ordinance, 1996 (later passed as the Arbitration and Conciliation Act, No. 26 of 1996 (hereinafter referred to as the Act).

2. Heard Shri C. K. Sarma Baruah, learned counsel for the petitioners and Shri A. B. Choudhury, learned counsel for the respondents.

3. The petitioners and the respondents Nos. 1 to 5, entered into a partnership under the name and style of "M/s. Pancharatna Transport Company", to run ferry service on annual lease basis from the Inland Water Transport Department, Government of Assam. According to the averments made in the petition, the partnership was at will having 12 partners. A copy of the partnership deed has been filed as Annexure-I to the petition.

4. According to the petitioners, the work under the partnership deed had started from 1-4-1988, and the books of accounts were being kept by Mohd. Iftikar Ahmed, opposite party No. 1; but the petitioners were not being paid share of their profit in accordance with the partnership agreement for certain periods. Hence, ultimately, petitioner No. 3, Mohd. Kamrul Hasan, gave a notice dated 23-1-95, on his behalf and on behalf of t