Supreme Court of India
Pamuru Vishnu Vinodh Reddy v. Chillakuru Chandrasekhara Reddy and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the retirement was obtained by consent of all partners Section 32(a) of the Partnership Act is attracted and a retirement with the consent of all the other partners can be effected without dissolution.
Judgment, page 6
From the headnote
Partnership Act, 1932-Sections 32 and 37-Share of the retiring partner-Ascertainment-Relevant date-Date of retirement or the date on which Commissioner made valuation of the share-Held: Relevant date for ascertainment of retiring partner's share is the date on which he ceased to be a partner since cause of action for the retiring partner arose on the date of his retirement from p.:irtnership firm and on this date liability of other partners also arose. Plaintiff-retiring partner filed suit for dissolution and accounting of partnership assets of the firm after retirement. The suit was decreed.
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