Case Note & Summary
The present matter involves two Interim Applications (IA No. 3499 of 2022 and IA No. 3873 of 2021) filed by Prakash Balasaheb Chavan and Others (Applicants/Appellants) against Anand Raju Koppella (Respondent) in connection with a pending First Appeal No. 574 of 2021. The dispute pertains to a partnership firm. On 18.01.2022, the Court had passed a consent order recording various undertakings by the parties. The Appellants (Applicants) sought to withdraw the interim applications in terms of that consent order. The Respondent had no objection to the withdrawal. The Court, after hearing the parties, allowed the withdrawal and disposed of the interim applications. The consent order dated 18.01.2022 had directed Appellant No. 3 to contribute Rs.1,42,46,125/- and the Respondent to contribute Rs.1,50,52,000/- towards their share in the firm within eight weeks. It also provided that failure to deposit would result in cessation of partnership. The issue of interest was to be referred to the Chartered Accountant of the firm for determination as per the Partnership Deed dated 14.03.2017 and Supplementary Partnership Deed dated 20.07.2019. Any disputes arising from the CA's determination were to be referred to a Sole Arbitrator. The parties also agreed to withdraw certain letters and emails, and not to rely on a draft Retirement Deed. The Court disposed of the interim applications as withdrawn.
Headnote
A) Partnership Law - Capital Contribution - Consent Terms - Partnership Act, 1932 - Parties agreed to contribute additional capital to the partnership firm and refer the issue of interest to the firm's Chartered Accountant for determination as per the Partnership Deed and Supplementary Deed - Held that the interim applications are disposed of as withdrawn in terms of the consent order dated 18.01.2022 (Paras 1-2).
Issue of Consideration
Whether the interim applications seeking relief in a partnership dispute should be allowed to be withdrawn as per consent terms agreed between the parties.
Final Decision
The Court allowed the withdrawal of Interim Application No. 3499 of 2022 and Interim Application No. 3873 of 2021 and disposed them of in terms of the consent order dated 18.01.2022.
Law Points
- Consent terms
- Partnership dispute
- Capital contribution
- Interest determination
- Chartered Accountant reference
- Withdrawal of interim applications
