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        Partnership Firms

        Section 47 - Continuing authority of partners for purposes of winding up

        Indian Partnership Act, 1932
        Chapter VI
        DISSOLUTION OF A FIRM

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        Continuing authority of partners persists to wind up firm affairs and complete unfinished transactions, subject to insolvency limits. After dissolution, partners retain authority to bind the firm and their mutual rights and obligations only as necessary to wind up the firm and complete unfinished transactions; the firm is not bound by acts of a partner adjudicated insolvent, but a person who represents or knowingly permits representation as a partner after adjudication remains liable.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Continuing authority of partners persists to wind up firm affairs and complete unfinished transactions, subject to insolvency limits.

                              After dissolution, partners retain authority to bind the firm and their mutual rights and obligations only as necessary to wind up the firm and complete unfinished transactions; the firm is not bound by acts of a partner adjudicated insolvent, but a person who represents or knowingly permits representation as a partner after adjudication remains liable.


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