Partnership Act, 1932

Section 72

Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of insolvency

⚡ Quick Answer Reference: Section 72 Partnership Act, 1932

Provision: Section 72 of Partnership Act, 1932
Act: Partnership Act, 1932
Classification: commercial
Jurisdiction: India

Statutory Content

What does Section 72 of Partnership Act, 1932 say?

Where a partner has been adjudged an insolvent, the surviving or continuing partners shall indemnify the firm for any payments made and any debts 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 72, Partnership Act, 1932

Bluebook (21st ed.)Partnership Act, 1932, § 72 (India)

Court Pleading StandardSection 72 of the Partnership Act, 1932

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

Common Questions about Section 72 Partnership Act, 1932

What is Section 72 of Partnership Act, 1932?

Section 72 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 payments made and any debts contracted by him in good faith in...

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