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TMI Blog2022 (3) TMI 1631X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions 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. X X X X Extracts X X X X X X X X Extracts X X X X ..... nto by late Bhairon Prasad Jaiswal with the other partners of the firm is filed as Annexure No. 3 to the present appeal. The partnership deed mentions of the share of late Bhairon Prasad Jaiswal in the firm to the extent of 10 paisa in a rupee to which he had relinquished his personal rights in respect of the stock. 3. The dispute before the trial court does not appear to be with respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been rendered in favour of the firm alone i.e. 'M/s Hotel Alka Raje' with all the benefits of partnership as may have been made available to the partners under the partnership deed as aforesaid. The argument is put forth on the strength of Section 14 of The Indian Partnership Act, 1932 which reads as under: "14. The property of the firm.- Subject to contract between the partners, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, clarify the position to the effect that the decree rendered by the trial court shall be read in favour of the firm namely 'M/s Hotel Alka Raje' alone. We also clarify that the share of the partners particularly of late Bhairon Prasad Jaiswal shall stand inherited by his legal heirs to the extent mentioned in the last partnership deed entered in accordance with law. There is no other qu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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