Section 47 Partnership Act, 1932 Explained: Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of insolvency | Nyaya

Statutory Content

What does Section 47 of Partnership Act, 1932 say?

Where a partner has been adjudged an insolvent, the surviving or continuing partners shall indemnify the firm for any payment made and any debt contracted by him in good faith in the ordinary and usual course of the business of the firm, and for any loss or liability incurred by the firm in the ordinary and usual course of its business.

Indian StandardSection 47, Partnership Act, 1932

Bluebook (21st ed.)Partnership Act, 1932, § 47 (India)

Court Pleading StandardSection 47 of the Partnership Act, 1932

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

Common Questions about Section 47 Partnership Act, 1932

What is Section 47 of Partnership Act, 1932?

Section 47 of the Partnership Act, 1932 (Partnership Act, 1932) defines and regulates "Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of insolvency". The section states: Where a partner has been adjudged an insolvent, the surviving or continuing partners shall indemnify the firm for any payment made and any debt contracted by him in good faith in t...

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