Law: Constitution of Pakistan, 1973

Section: 199

REMRKS: Partnership Act, 1932—Ss. 7, 37, 43, 46 & 48—Partnership at will—Dissolution—Retirement of partner—Distinction—Notice—Effect—Where partnership deed expressly provided that partnership was “at will”, notice dated 18.08.2017, read as a whole, constituted notice of dissolution under S.43, notwithstanding its reference to clause 10 relating to retirement—Partnership stood dissolved with effect from 18.09.2017—Jirga proceedings conducted thereafter, in absence of a concluded and binding agreement, could neither revive dissolved partnership nor alter statutory date of dissolution.—[Paras 6–9] Partnership Act, 1932—Ss. 37, 46 & 48—Dissolution—Effect—Dissolution not synonymous with extinction of proprietary and financial rights of partners—Every partner entitled, upon dissolution, to have property of firm applied towards its debts and liabilities and surplus distributed according to respective rights—Where business carried on with property of firm without final settlement of accounts, outgoing partner entitled to statutory benefits under S.37—Change in name or legal form of subsequent business does not, by itself, determine ownership of assets used therein.—[Paras 11–15] Partnership—Subsequent business—Assets and business of dissolved firm—Claim of outgoing partner—Scope—Plaintiff not automatically entitled to 40% of entire profits of Azeem Industries, Azeem Play Land Industries LLP and every subsequent concern—Entitlement confined to such property, assets, business connection and profits as are found, upon proper accounting, to be attributable to original partnership—Assets independently acquired after dissolution from respondents’ own resources and without employment of property, assets, goodwill or business connection of original firm not to be treated as assets of original partnership.—[Para 16; Para 31] Partnership—Plot—Business premises—Ownership—Mere fact that original firm\'s business was conducted on Plot No.92-A, Zone-B,…