Hello,
Arbitrator or arbitral panel is to be appointed according to the procedure contained in the arbitration agreement (arbitration clause in your partnership deed). If the agreement does not specify any procedure and parties fail to agree on a procedure among themselves, you will have to approach the High Court under Section 11 of the Arbitration and Conciliation Act 1996.
There is indeed a provision under the Act for stay orders, namely Section 9. It empowers a court to grant "interim measures" (read: stay and other injunctions). You can apply to the appropriate court on an urgent basis even before the appointment of an arbitrator or arbitral panel. The nature and scope of the interim measures will depend on the full facts the case.
You need to send a legal notice to the bank. Ask it to forthwith freeze the bank account in question as its operation has not been duly authorised by the firm.
Whether there has been any cheating or not will depend on the full facts of the case which are not before me. It will depend on the facts which sections (if any) of the Indian Penal Code are attracted. It will then have to be determined if those sections are cognisable (police can register FIR and investigate) or non-cognisable (police needs a magistrate's permission to investigate).
The owner of the building could theoretically be liable in damages for the tort of inducing or procuring breach of contract. If the ingredients of the tort exist in your case then you can file a civil suit against him for the recovery of damages. Again I cannot comment on the owner's liability without the full facts of the case.
You should file a Section 9 application for interim measures posthaste. You may also be able to obtain an injunction against the owner of the building if the facts of your case support a civil suit against him.
Hope that answers your questions.
I am circling back to clarify a couple of things.
1. S. 69 of the IPA has been held to not bar arbitral proceedings among partners of an unregistered partnership firm. The SC said so in Umesh Goel vs Himachal Pradesh Cooperative Group Housing Society Limited, 2016 SCC OnLine SC 624. While I personally have serious reservations about that judgment, it is the law.
2. S. 69(2) does not operate as a bar against a suit by an unregistered firm against a third party if said suit is not based or related to a contract entered into by the firm and third party in question in the course of inter se business dealings. The judgment where it has been so held is Shiv Developers, through it's partner Sunilbhai Somabhai Ajmeri v. Aksharay Developers & Ors,2022 SCC OnLine SC 114. In your case, the bar will therefore not operate. You are free to bring an action for damages for the tort of procuring breach of contract against the “owner” (all else being equal).