section 49
Payment of firm debts and of separate debts
The Indian Partnership Act, 1923Corporate193269 sections5 chapters
Chapter VI - DISSOLUTION OF A FIRM
Statutory text
Where there are joint debts due from the firm, and also separate debts due from any partner, the property of the firm shall be applied in the first instance in payment of the debts of the firm, and if there is any surplus, him. The separate property of any partner shall be applied first in the payment of his separate debts and the surplus ( if any) in the payment of the debts of the firm.
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