Law: Partnership Act, 1932

Section: 40

Partnership Act (IX of 1932)---S.40---Rendition of accounts---Apportionment of repayable loan---Plaintiffs filed suit for rendition of accounts in the Banking Court alleging that they and the defendant lady had obtained loan and purchased Tractor Trolly---Agreement showed that they had to pay half share of the, loan---Plaintiffs claimed that they had paid major portion of the loan due but the defendant had not done so---Counsel of the plaintiffs made statement in the Court giving details about the total loan amount due, the amount repaid by the plaintiffs and amount repaid by the defendant and the amounts due from the plaintiffs and amount due from the defendant ---Counsel of the defendant accepted the statement--­Banking Court issued direction to the Bank not to recover any sum in excess to the apportioned amounts---Validity---Only .Bank could be aggrieved from the order---Bank had not filed the appeal---So executable order had been passed against the defendant---Defendant had accepted the liability and Bank authorities were at liberty to recover according to law. JUDGMENT SYFD JAMSHED ALI, J.--The judgment and decree dated 7-10-1999 of the Banking Court No. 1, Faisalabad, has been assailed in this appeal, which arises out of the following circumstances. 2. Muhammad Nawaz and Haq Nawaz, respondents Nos. 1 and 2 alongwith Mst. Jindan Bibi, appellant obtained a loan in the sum of Rs.2,49,100 for the purchase of Tractor Trolley in the year 1990, from the Agriculture Development Bank: On 30-10-1996, respondents Nos. 1 and 2 filed a suit for rendition of accounts against the Agricultural Development Bank of Pakistan, the Manager of the concerned Branch of the Bank and the appellant. It was averred that in accordance with the agreement between the plaintiffs-respondents and the appellant, they shad to repay the loan in equal shares i.e. ½ by the plaintiffs and ½ by the appellant and that the plaintiffs had repaid the amount' of their share while the appellant was a defaulter But the Bank authorities were insisting to recover the entire outstanding amount from them. The suit was contested. It was averred by the Bank that the appellant and respondents Nos. 1 and 2…

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