K A GUNDU RAO Vs. RAMANARAYANA AVADHANI

JUDGEMENT

(1.) The appeal is by the plaintiff now represented by the legal representatives. The first respondent is the first defendant, referred hereinafter either as the contesting respondent or as the first defendant.

(2.) The suit was for a declaration that the firm by name Uday Motor Transport, Shimoga stands dissolved from 23/02/1976 or in the alternative to have the firm dissolved by the order of the court. The plaintiff also sought for the appointment of a Receiver to realise the assets for distribution. Other consequential reliefs such as for accounting and for payment of plaintiffs share are also sought for by the plaintiff. There is no dispute regarding basic facts.

(3.) A deed of partnership was executed on 1/02/1957 at Shimoga between the first defendant, second defendant and the plaintiff. The partnership deed states that the first defendant was carrying on the business in stage carriage transport service in the name and style of Uday Motor Transport and that the other two partners were taken into the business as partners resulting in the formation of the firm. The partnership was at will. The business of the firm commenced on 1/02/1957. The capital of the firm was Rs.42,500/- out of which Rs.40,000/- was contributed by the first defendant and Rs. 25,00/- by the second defendant. The net profits or losses of the firm must be shared by the partners as follows: