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No relief to partners for any set - off of claim in INDIAN PARTNERSHIP ACT
Corporate & Other Laws
For instance, If A and B are partners in a firm and action has been brought against the firm for â?¹100000. If partners have receivables â?¹80000. How does set - off will happen? Practically? Will the third party transact â?¹80000 first and the firm will transact â?¹100000 or the third party transact 79900 rupees and firm will transact 99900 rupees
Answers (4)
CA Suraj Lakhotia Admin
Where did the amounts of 79900 etc come from?
A set off of 100. 80000 - 100= 79900
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