Mode of settlement of accounts Section 48 In settling the accounts of the firm after dissolution, the following rules shall, subject to agreement by partners be observed – a) Losses, including deficiencies of capital, shall paid first out of the…
Liability of acts done after dissolution Section 45(1) states that notwithstanding the dissolution of the firm, the partners continues to be liable as such to third parties for any act done by any of them which would have been the…
Dissolution by Court (Section 44) Section 44 which permits a partner to invoke the jurisdiction of the court to dissolve a firm is not subject to contract between the partners. But, if there is a term in contract that the…
DISSOLUTION OF A FIRM Section 39 of Indian Partnership Act, defines ‘Dissolution of Firm’ as “the dissolution of partnership between all the partners of a firm is called ‘dissolution of firm’.” This is used to denote that there is a…
Revocation of continuing guarantee – Section 38 In any contract of guarantee, it is necessary that subsequent to making of a contract the term should not be varied. Any variance in terms without surety’s consent discharges the surety from liability…
RIGHTS OF OUTGOING PARTNERS Right to carry on competing business Right to share subsequent profits until the amount due to him has been paid 1. Right to carry on competing businessSection 36(1): An outgoing partner has a right to carry…
Mr. X v. Hospital Z DATE OF JUDGEMENT: 10/12/2002 COURT: Supreme Court of India JUDGES: S. RAJENDRA BABU, P. VENKATARAMA REDDI & ARUN KUMAR. REFERENCE: Appeal (civil) 4641 of 1998 PARTIES: Petitioner: Mr. X Respondents: Hospital Z SUBJECT: The judgment…
M.C. Mehta v. State of Tamil Nadu DATE OF JUDGMENT: 10/12/1996 COURT: Supreme Court of India JUDGES: Kuldip Singh, B.L. Hansaria, S.B. Majmudar REFERENCE: [1996] RD-SC 1576 PARTIES Petitioner: M.C. Mehta Respondent: State of Tamil Nadu SUBJECT: The judgment revolves…
Kharak Singh v. The State of U. P. & Ors DATE OF JUDGMENT: 18/12/1962 COURT: Supreme Court of India JUDGES: Justice Ayyangar N. Rajagopala, Justice Sinha Buvaneshwar P, Justice Immam Syed Jaffer, Justice K. Subba Rao, Justice Sha J.C, Justice…
Joseph Shine v. Union of India DATE OF JUDGMENT: 27/09/2018 COURT: Supreme Court of India JUDGES: Deepak Misra, A.M. Khanwilkar, D.Y Chandrachud, Indu Malhotra, and R.F. Nariman. REFERENCE: WRIT PETITION (CRIMINAL) NO. 194 OF 2017 PARTIES Petitioner: Joseph Shine Respondent:…