there is a dispute in partnership firm and a clause of arbitration is there in the deed
the retired partner had asked the ongoing partner for arbitration but they have said they are short of fund
now what can be done
Dear Mr Pandey,
I am assuming that your question is from the point of view of retiring partner. If a valid arbitration clause exists in an agreement, then the retiring partner can send notice for initiating arbitration and appointment of arbitrator in accordance with the agreement. In case the other party refuses, an application can be filed in the principal civil court of original jurisdiction for appointment of arbitrator. Once the arbitrator is appointed, the arbitration proceedings will begin.
Regards
Shubham Bhardwaj (Advocate)
District & Session Court, Chandigarh
Punjab & Haryana High Court, at Chandigarh.
Disclaimer:- Opinion is only for guidance.
