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Issues: Whether a partner in a partnership firm can resist recovery of the firm's secured debt and seek release of his mortgaged share of property on the plea that he has paid only his proportionate share and the other partner has not contributed.
Analysis: The loan was advanced to the partnership firm and the security was created for the firm's liability. Under Section 25 of the Indian Partnership Act, 1932, every partner is jointly and severally liable for the acts of the firm, and the creditor is entitled to recover the debt from any one or more partners. The dispute between partners as to internal contribution does not affect the bank's right to recover the outstanding dues from the petitioner. The petitioner's earlier undertakings to deposit amounts were not complied with, and the attempt to secure release of only part of the mortgaged property was inconsistent with the legal position governing firm liability.
Conclusion: The petitioner could not limit recovery to his alleged share of liability or claim release of the mortgaged property on that basis; the challenge to the order under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 failed.
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