Partnership Act, 1932, Section 32, 37, 48 -- Partnership firm - Distinction between `retirement of a partner' and `dissolution of partnership firm' - On retirement of a partner, reconstituted firm continues and the retiring partner is to be paid his dues in terms of S.37 of the Act - In case of dissolution, accounts have to be settled and distributed as per mode prescribed..........
Partnership Act, 1932, Section 32 -- Retirement of a partner - When there are only two partners and one has agreed to retire, then retirement amounts to dissolution of Firm...........
Partnership Act, 1932, Section 32, 37 -- Partnership - Partnership not dissolved but a partner voluntarily resigned and quit the firm - Such partner cannot claim the subsequent profits made by the firm...........
Partnership Act, 1932, Section 32 -- Partnership firm - Retirement of partner - Liability - It is only when third party borrower agrees to relieve erstwhile partners from obligation that they can get benefit - As long as third party did not accede to request, liability continues to be with them...........
Partnership Act, 1932, Section 32 -- Partner - Retirement - Effective date - Partner retires from date of information of retirement and not from date when information was given to Registrar...........
Civil Procedure Code, 1908, Order 21, Rule 32, 36, Partnership Act, 1932, Section 14 -- Suit for rendition of accounts compromised - Held, there is simultaneous obligation of both parties to stick to their statements - If defendant had a right to implement command of Court by executing decree at the same time defendant had a right to seek an execution of undertaking made..........
Negotiable Instruments Act, 1881, Section 138, Indian Partnership Act, 1932, Section 32(3) -..........
Partnership Act, 1932, Section 32, 63, 72 -- Partnership - Liability of retiring partner to third party for acts of firm done before his date of retirement - Partner would continue to be liable to third party until public notice is given as to his retirement - Money decree against partnership firm and its three partners - Execution - Objection by partner that he retired..........
Partnership Act, 1932, Section 32(2), 32(3), 44, Negotiable Instruments Act, 1881, Section 4, Civil Procedure Code, 1908, Order 37, Rule 1 & 2 -- Promissory note - Partnership firm - Liability of retired partner - Promissory note executed by partners of firm - One of partner denying his liability thereunder on ground that he had since retired from firm and liability has to..........
Partnership Act, 1932, Section 32, 72 -- Retiring partner - Unless there is statutory public notice, retired partner is not absolved from the post retired liability - Pre retirement liability can be discharged only if there is an agreement with such third party and the surviving partners...........
