2022 (3) TMI 1631 - HC - Indian Laws

Declaration of the property of Hotel Alka Raje to be the property of the firm - HELD THAT - A plain reading of the statutory provisions clearly shows that any property which is brought on the stock of the firm becomes a perpetual property of the firm for all legal consequences. To this extent the legal position is clear and any grievance raised to the contrary is misconceived. Appeal disposed off.

Summary

The Allahabad High Court heard a case involving the successors of late Bhairon Prasad Jaiswal, who were in a partnership regarding 'Hotel Alka Raje.' The court clarified that the property of the firm belongs to the partnership as per the Indian Partnership Act, 1932. The decree was ruled in favor of the firm, 'M/s Hotel Alka Raje,' and the share of late Bhairon Prasad Jaiswal's partners will pass to his legal heirs as per the last partnership deed. The appeal was disposed of with this clarification.