www.icmai.in:@0.798205:0.974748:0.923794:0.974748:0.923794:0.957721:0.798205:0.957721:0.015775:0.015775:0.015775:0.005780:0.006278:0.009118:0.016807:0.011271:0.006278:0.005780:0.006278:0.010674
May 2017:@0.406839:0.977956:0.492193:0.977956:0.492193:0.962673:0.406839:0.962673:0.015974:0.009606:0.010131:0.004740:0.011452:0.011452:0.011452:0.010547
86:@0.079500:0.980264:0.102295:0.980264:0.102295:0.958570:0.079500:0.958570:0.011940:0.010855
The Management Accountant:@0.122650:0.977954:0.372489:0.977954:0.372489:0.962671:0.122650:0.962671:0.011452:0.011452:0.009009:0.004740:0.015974:0.010131:0.011452:0.009968:0.009787:0.009009:0.015974:0.009009:0.011452:0.006748:0.004740:0.013713:0.009009:0.009009:0.010131:0.011452:0.011452:0.006748:0.010131:0.011452:0.005843
l:@0.382870:0.976735:0.397343:0.976735:0.397343:0.966042:0.382870:0.966042:0.014473
I:@0.076923:0.068722:0.101129:0.068722:0.101129:0.017124:0.076923:0.017124:0.024206
NDIAN PARTNERSHIP AC:@0.101118:0.064689:0.596925:0.064689:0.596925:0.030290:0.101118:0.030290:0.030357:0.030176:0.016137:0.027426:0.030357:0.009190:0.025364:0.027426:0.028837:0.024749:0.030357:0.026087:0.028837:0.023482:0.033034:0.016137:0.025364:0.009190:0.027426:0.025870
T:@0.597035:0.068722:0.634158:0.068722:0.634158:0.017124:0.597035:0.017124:0.037123
I:@0.071948:0.731203:0.162466:0.731203:0.162466:0.519702:0.071948:0.519702:0.090518
Hareesh Kolichala:@0.263077:0.875804:0.412329:0.875804:0.412329:0.859124:0.263077:0.859124:0.013605:0.009444:0.008014:0.009100:0.009027:0.008069:0.010800:0.004071:0.012501:0.009860:0.005590:0.005771:0.008105:0.010800:0.009444:0.005608:0.009444
Chief Manager (Law):@0.263077:0.892445:0.426440:0.892445:0.426440:0.874939:0.263077:0.874939:0.010999:0.009281:0.005500:0.006495:0.007128:0.004613:0.015432:0.008955:0.011271:0.008955:0.010475:0.006495:0.006748:0.004613:0.007236:0.011108:0.008955:0.011868:0.007236
Union Bank of India:@0.263077:0.908420:0.423256:0.908420:0.423256:0.890914:0.263077:0.890914:0.012899:0.011271:0.005500:0.007381:0.011271:0.004613:0.011976:0.008955:0.011271:0.010945:0.004613:0.007381:0.007128:0.004613:0.004740:0.011271:0.009896:0.005500:0.008955
Kolkata:@0.263077:0.924395:0.324334:0.924395:0.324334:0.906889:0.263077:0.906889:0.013225:0.007381:0.005500:0.010945:0.008955:0.006296:0.008955
Section 49 of the :@0.076923:0.171265:0.705768:0.171265:0.705768:0.108115:0.076923:0.108115:0.049474:0.044059:0.044059:0.026258:0.020101:0.044801:0.044801:0.018543:0.044059:0.044059:0.018543:0.044801:0.033082:0.018543:0.026258:0.044801:0.044059:0.018543
Indian Partnership  :@0.076923:0.235179:0.777198:0.235179:0.777198:0.172029:0.076923:0.172029:0.023216:0.044801:0.046359:0.020101:0.044059:0.044801:0.018543:0.046655:0.044059:0.033378:0.026258:0.044801:0.044059:0.030634:0.040202:0.044801:0.020101:0.046359:0.018543:0.018543
Act, 1932:@0.076923:0.315030:0.418568:0.315030:0.418568:0.251880:0.076923:0.251880:0.053331:0.044059:0.026258:0.023216:0.018543:0.044059:0.044059:0.044059:0.044059
t is a settled principle that a Partnership firm :@0.158974:0.690246:0.491617:0.690246:0.491617:0.674964:0.158974:0.674964:0.005825:0.003238:0.004686:0.006947:0.003238:0.009208:0.003238:0.006947:0.008087:0.005825:0.005825:0.004686:0.008087:0.009208:0.003238:0.009208:0.006947:0.004686:0.010529:0.008087:0.004686:0.009208:0.004686:0.008087:0.003238:0.005825:0.010529:0.009046:0.005825:0.003238:0.009208:0.003238:0.009824:0.009208:0.007472:0.005825:0.010529:0.008087:0.007309:0.006947:0.010529:0.004686:0.009208:0.003238:0.004613:0.004595:0.007110:0.015070:0.003835
has no separate legal status from the Partners and that :@0.076931:0.706221:0.491418:0.706221:0.491418:0.690939:0.076931:0.690939:0.010547:0.009226:0.006965:0.003781:0.010547:0.009226:0.003781:0.006965:0.008105:0.009226:0.009226:0.006802:0.009064:0.005843:0.008105:0.003781:0.004704:0.008105:0.008702:0.009226:0.004704:0.003781:0.006965:0.005843:0.009064:0.005843:0.010547:0.006965:0.003781:0.004704:0.006965:0.009226:0.015070:0.003781:0.005843:0.010547:0.008105:0.003781:0.009842:0.009226:0.007490:0.005843:0.010547:0.008105:0.007327:0.006965:0.003781:0.009226:0.010547:0.009226:0.003781:0.005843:0.010547:0.009064:0.005843:0.003835
all partners are individually liable for payment of the :@0.076931:0.722196:0.491273:0.722196:0.491273:0.706913:0.076931:0.706913:0.009353:0.004830:0.004830:0.004830:0.009353:0.009353:0.007616:0.005970:0.010674:0.008231:0.007454:0.007092:0.004830:0.009353:0.007092:0.008231:0.004830:0.004830:0.010674:0.009353:0.004487:0.009353:0.004830:0.009353:0.010674:0.009353:0.004830:0.004306:0.009353:0.004830:0.004830:0.004830:0.008828:0.009353:0.004830:0.008231:0.004830:0.004830:0.009353:0.007092:0.004830:0.009353:0.008828:0.009353:0.015197:0.008231:0.010674:0.005970:0.004830:0.009353:0.007146:0.004830:0.005970:0.010674:0.008105:0.003835
dues of the firm. However, Section 49 of the Act appears :@0.076931:0.738171:0.491237:0.738171:0.491237:0.722888:0.076931:0.722888:0.009100:0.010421:0.007978:0.006838:0.003112:0.009100:0.006893:0.003112:0.005717:0.010421:0.007978:0.003112:0.004613:0.004487:0.007001:0.014943:0.004577:0.003112:0.012682:0.008756:0.012935:0.007978:0.008394:0.007978:0.005409:0.004577:0.003112:0.009100:0.007978:0.007978:0.005717:0.004577:0.009100:0.010421:0.003112:0.010421:0.010421:0.003112:0.009100:0.006893:0.003112:0.005717:0.010421:0.007978:0.003112:0.012682:0.007978:0.005717:0.003112:0.008937:0.009100:0.009100:0.007978:0.009100:0.007200:0.006965:0.003835
to limit the liability of a Partner by providing that the :@0.076931:0.754146:0.491653:0.754146:0.491653:0.738863:0.076931:0.738863:0.005916:0.009299:0.004668:0.004776:0.004776:0.015142:0.004776:0.005916:0.004668:0.005916:0.010620:0.008177:0.004668:0.004776:0.004776:0.008774:0.009299:0.004776:0.004776:0.004776:0.005916:0.009299:0.004668:0.009299:0.007092:0.004668:0.009299:0.004668:0.009914:0.009299:0.007562:0.005916:0.010620:0.008177:0.007037:0.004668:0.008756:0.009299:0.004668:0.009299:0.007037:0.008828:0.009299:0.004776:0.009299:0.004776:0.010620:0.009299:0.004668:0.005916:0.010620:0.009136:0.005916:0.004668:0.005916:0.010620:0.008105:0.003835
separate property of  the :@0.261461:0.770121:0.491381:0.770121:0.491381:0.754838:0.261461:0.754838:0.008014:0.009154:0.010276:0.010276:0.007852:0.010113:0.006893:0.009154:0.011904:0.010276:0.008014:0.010276:0.010276:0.009154:0.008539:0.006893:0.010276:0.011904:0.010276:0.004704:0.003365:0.011904:0.006893:0.011596:0.008105:0.003835
Partner shall be applied first :@0.261461:0.786095:0.491526:0.786095:0.491526:0.770813:0.261461:0.770813:0.010131:0.009516:0.007779:0.006133:0.010837:0.008394:0.007255:0.006042:0.007255:0.010837:0.009516:0.004993:0.004993:0.006042:0.009516:0.008394:0.006042:0.009353:0.009516:0.009516:0.004993:0.004993:0.008394:0.009516:0.006042:0.004613:0.004903:0.007616:0.007255:0.005843:0.003835
in discharge of  his separate :@0.261461:0.802070:0.491580:0.802070:0.491580:0.786788:0.261461:0.786788:0.005102:0.010945:0.006838:0.009624:0.005102:0.007363:0.008503:0.010945:0.009624:0.007363:0.009281:0.008503:0.006838:0.009624:0.004704:0.002714:0.006838:0.010945:0.005102:0.007363:0.006838:0.007363:0.008503:0.009624:0.009624:0.007200:0.009462:0.006241:0.008105:0.003835
debts and surplus if any shall :@0.261461:0.818045:0.491363:0.818045:0.491363:0.802762:0.261461:0.802762:0.009299:0.008177:0.009299:0.005916:0.007037:0.004686:0.009299:0.010620:0.009299:0.004686:0.007037:0.010620:0.007309:0.009299:0.004776:0.010620:0.007037:0.004686:0.004776:0.007092:0.004686:0.009299:0.010095:0.009299:0.004686:0.007037:0.010620:0.009299:0.004776:0.004704:0.003835
be applied in payment of debts of the firm and hence :@0.510866:0.642322:0.927143:0.642322:0.927143:0.627039:0.510866:0.627039:0.009389:0.008268:0.005029:0.009226:0.009389:0.009389:0.004848:0.004867:0.008268:0.009389:0.005029:0.004867:0.010710:0.005029:0.009389:0.008865:0.009389:0.015233:0.008268:0.010692:0.006006:0.005029:0.009389:0.007182:0.005029:0.009389:0.008268:0.009389:0.006006:0.007128:0.005029:0.009389:0.007164:0.005029:0.006006:0.010692:0.008268:0.005029:0.004613:0.004758:0.007291:0.015233:0.005029:0.009389:0.010710:0.009389:0.005029:0.010710:0.008268:0.010710:0.008250:0.008105:0.003835
contrary to the very principles of partnership itself.  We :@0.510866:0.658297:0.926890:0.658297:0.926890:0.643014:0.510866:0.643014:0.008105:0.009226:0.010547:0.005843:0.006802:0.009226:0.007327:0.009226:0.003401:0.005843:0.009226:0.003419:0.005843:0.010547:0.008105:0.003401:0.008521:0.008105:0.007327:0.009226:0.003419:0.009226:0.006965:0.004704:0.010547:0.008105:0.004704:0.009226:0.004704:0.008105:0.006965:0.003401:0.009226:0.007019:0.003401:0.009226:0.009226:0.007490:0.005843:0.010547:0.008105:0.007327:0.006965:0.010547:0.004704:0.009226:0.003401:0.004704:0.005843:0.006965:0.008105:0.004704:0.004360:0.004704:0.003401:0.003419:0.016282:0.008105:0.003835
discuss hereunder the import of Section 49 of the Act :@0.510866:0.674271:0.927179:0.674271:0.927179:0.658989:0.510866:0.658989:0.009263:0.004740:0.007001:0.008141:0.010583:0.007001:0.007001:0.004631:0.010583:0.008141:0.007001:0.008141:0.010583:0.010583:0.009263:0.008141:0.007001:0.004631:0.005880:0.010583:0.008141:0.004631:0.004740:0.015106:0.009263:0.009263:0.007526:0.005880:0.004631:0.009263:0.007056:0.004631:0.009263:0.008141:0.008141:0.005880:0.004740:0.009263:0.010583:0.004631:0.010583:0.010583:0.004631:0.009263:0.007056:0.004631:0.005880:0.010583:0.008141:0.004631:0.012845:0.008141:0.005843:0.003835
and the ambiguity created thereby. :@0.510866:0.690246:0.776390:0.690246:0.776390:0.674964:0.510866:0.674964:0.009226:0.010547:0.009226:0.003835:0.005843:0.010547:0.008105:0.003835:0.009226:0.015070:0.009226:0.004704:0.009226:0.010547:0.004704:0.005843:0.009226:0.003835:0.008105:0.006965:0.008105:0.009064:0.005843:0.008105:0.009226:0.003835:0.005843:0.010547:0.008105:0.006965:0.008105:0.008684:0.006712:0.004704:0.003835
Section 4 of  the Indian Partnership Act, 1932 :@0.526243:0.706221:0.926872:0.706221:0.926872:0.690939:0.526243:0.690939:0.009769:0.008648:0.008648:0.006386:0.005246:0.009769:0.011090:0.008014:0.011090:0.008014:0.009769:0.004704:0.002858:0.008014:0.006386:0.011090:0.008648:0.008014:0.006386:0.011090:0.009769:0.005246:0.009769:0.011090:0.008014:0.010384:0.009769:0.008032:0.006386:0.011090:0.008648:0.007870:0.007508:0.011090:0.005246:0.009769:0.008014:0.013351:0.008648:0.006386:0.005246:0.008014:0.011090:0.011090:0.011090:0.010547:0.003835
provides as under ::@0.510866:0.722196:0.651832:0.722196:0.651832:0.706913:0.510866:0.706913:0.009226:0.006965:0.008756:0.009226:0.004704:0.009226:0.008105:0.006965:0.003835:0.009226:0.006965:0.003835:0.010547:0.010547:0.009226:0.008105:0.006965:0.003835:0.004704
“Persons who have entered into partnership with :@0.526243:0.738171:0.926727:0.738171:0.926727:0.722888:0.526243:0.722888:0.008412:0.009968:0.008412:0.007634:0.007273:0.009534:0.010855:0.007273:0.006241:0.013550:0.010855:0.009534:0.006241:0.010855:0.008828:0.008828:0.008412:0.006241:0.008412:0.010855:0.006151:0.008412:0.007273:0.008412:0.009534:0.006241:0.005011:0.010855:0.006151:0.009534:0.006241:0.009534:0.009534:0.007797:0.006151:0.010855:0.008412:0.007634:0.007273:0.010855:0.005011:0.009534:0.006241:0.014075:0.005011:0.006151:0.010547:0.003835
one another are individually called “partners” and :@0.510866:0.754146:0.926727:0.754146:0.926727:0.738863:0.510866:0.738863:0.009588:0.010909:0.008467:0.006658:0.009588:0.010909:0.009588:0.006205:0.010909:0.008467:0.007327:0.006658:0.009588:0.007327:0.008467:0.006658:0.005066:0.010909:0.009588:0.004722:0.009588:0.005066:0.009588:0.010909:0.009588:0.005066:0.004541:0.009588:0.006658:0.008467:0.009588:0.005066:0.005066:0.008467:0.009588:0.006658:0.008467:0.009588:0.009588:0.007852:0.006205:0.010909:0.008467:0.007689:0.007327:0.008467:0.006658:0.009588:0.010909:0.009226:0.003835
collectively “a firm” and the name under which their :@0.510866:0.770121:0.927107:0.770121:0.927107:0.754838:0.510866:0.754838:0.008268:0.009389:0.004867:0.004867:0.008268:0.008268:0.006006:0.004523:0.008684:0.008268:0.004342:0.009389:0.005047:0.008268:0.009389:0.005047:0.004613:0.004776:0.007291:0.015233:0.008268:0.005047:0.009389:0.010710:0.009389:0.005047:0.006006:0.010710:0.008268:0.005047:0.010710:0.009389:0.015233:0.008268:0.005047:0.010710:0.010710:0.009389:0.008268:0.007128:0.005047:0.013406:0.010710:0.004867:0.008268:0.010710:0.005047:0.006006:0.010710:0.008268:0.004867:0.006965:0.003835
business is carried on is called the “firm name”. Some of :@0.510866:0.786095:0.926745:0.786095:0.926745:0.770813:0.510866:0.770813:0.009208:0.010529:0.006947:0.004686:0.010529:0.008087:0.006947:0.006947:0.003238:0.004686:0.006947:0.003238:0.008087:0.009208:0.007580:0.006947:0.004686:0.008087:0.009208:0.003238:0.009208:0.010529:0.003238:0.004686:0.006947:0.003238:0.008087:0.009208:0.004686:0.004686:0.008087:0.009208:0.003238:0.005825:0.010529:0.008087:0.003238:0.008087:0.004613:0.004595:0.007110:0.015052:0.003238:0.010529:0.009208:0.015052:0.008087:0.008087:0.004686:0.003238:0.009208:0.009208:0.015052:0.008087:0.003238:0.009208:0.004704:0.003835
the observations of the courts on this issue are as under::@0.510866:0.802070:0.922783:0.802070:0.922783:0.786788:0.510866:0.786788:0.005735:0.010439:0.007996:0.003166:0.009118:0.009118:0.006857:0.007996:0.007381:0.008774:0.008955:0.005735:0.004595:0.009118:0.010439:0.006857:0.003166:0.009118:0.006911:0.003166:0.005735:0.010439:0.007996:0.003166:0.007996:0.009118:0.010439:0.007381:0.005735:0.006857:0.003166:0.009118:0.010439:0.003166:0.005735:0.010439:0.004595:0.006857:0.003166:0.004595:0.006857:0.006857:0.010439:0.007996:0.003166:0.009118:0.006857:0.007996:0.003166:0.009118:0.006857:0.003166:0.010439:0.010439:0.009118:0.007996:0.006857:0.004704
In  the  case  of   Seodoyal  Khemka  Vs.  Joharmull :@0.526243:0.818045:0.926655:0.818045:0.926655:0.802762:0.526243:0.802762:0.006386:0.011090:0.003835:0.004197:0.006386:0.011090:0.008648:0.003835:0.004197:0.008648:0.009769:0.007508:0.008648:0.003835:0.004197:0.009769:0.004704:0.002858:0.003835:0.004197:0.009769:0.008648:0.009769:0.009769:0.009534:0.009226:0.009769:0.005246:0.003835:0.004197:0.012230:0.011090:0.008648:0.015613:0.009769:0.009769:0.003835:0.004197:0.012230:0.007508:0.005246:0.003835:0.004197:0.006223:0.009769:0.011090:0.009769:0.007671:0.015450:0.011090:0.005246:0.004704:0.003835