Indian Oil Corporation Limited Vs Shree Niwas Ramgopal 2025 INSC 832 - Partnership Act - Death Of Partners
Partnership Act, 1932 -Section 42 - The partnership will stand dissolved inter alia on the death of the partner but this is applicable in cases where there are only two partners constituting the partnership firm. The aforesaid principle would not apply where there are more than two partners in a partnership firm and the deed of partnership provides otherwise that the firm will not stand automatically dissolved on the death of one of the partners. (Para 21)
Indian Oil Corporation - IOCL is supposed to act in a manner which is beneficial for the continuance of th business and not to adopt an arbitrary approach thereby creating hinderance in the running business. (Para 27)
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