i have a partnership firm with 2 others. Firm has a bank loan of about 12 lacs to which my flat is kept as security. If i repay this loan from individual resources, can i cubsequently recover from other partners their share of loan
Even in absence of an agreement to the contrry you can recover the amount , more tahn your share from the other partners. The Partnership Act is quite clear in making the partners personally and jointly liable for their acts and for compensation of the partners if he contributes more than his share. This liability is only avoided when there is an agreement to the contrary.