SANDEEP GUPTA Vs. PUNJAB NATIONAL BANK & ORS.

JUDGEMENT

(1.) The petitioner, upon ceasing to be a partner of respondent no.2 partnership firm viz. M/s Allied Fibre Industries, seeks mandamus to the respondent no.1 Punjab National Bank to release the title deeds of the property of the petitioner and to discharge the petitioner from the guarantee furnished by the petitioner, (as the then partner of the respondent no.2) for repayment of the dues of the respondent no.2 to the respondent no.1 Bank.

(2.) It has been enquired from the counsel for the petitioner as to how, till the petitioner makes the respondents no.3and4 (new/continuing partners of the respondent no.2) furnish fresh guarantee for repayment of the dues of the respondent no.1 Bank, the respondent no.1 Bank can be directed to release the security and guarantee furnished by the petitioner.

(3.) The counsel for the petitioner refers to Sec. 32 of the Indian Partnership Act, 1932 but which also provides for discharge only by an agreement between the outgoing partner, the creditor of the firm and the new/continuing partners of the firm. There is admittedly no agreement.