A partnership firm consists of A B and C The firm owes X Rs 90000 A wants to retire and it is agreed...........

Indian Partnershoip Act (IPA) 1930 Right and Duties etc

A partnership firm consists of A, B and C. The firm owes X Rs. 90000/-. A wants to retire, and it is agreed upon between all the three partners and X that after the retirement of A, B and C alone will be liable for the sum due to X, as continuing partners. X sues A for the recovery of a sum of Rs. 30,000/-

X has a right to do so as that in the portion of debt due to A.

X has an option to sue the firm or A.

On the retirement of A, a new agreement came into being between X and the firm, and A stood discharged of all his liability.

If X is not able to recover the sum of Rs. 90,000 from the firm, he can sue A for Rs. 30,000.

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