K.P.VISWANATHAN NAIR Vs. K.P.RAMACHANDRAN

JUDGEMENT

(1.) The sole defendant in O.S. No.74/1997 challenges the impugned judgment and decree passed by the Subordinate Judge, Palakkad allowing the plaintiff to recover an amount of Rs.2,16,150.72 with interest.

(2.) The plaintiff claimed the amount on the basis of Exts.A5 to A7 partnership records produced in the suit. The plaintiff and defendant were partners of 'Nidhi Plantations'. Though the Firm started since 1994, it was reconstituted with the defendant on 15.03.1995. The Firm continued for sometime and was dissolved by Ext.A5 Deed dated 12.02.1997 with the mutual consent of the plaintiff and defendant.

(3.) The case of the plaintiff is that since the Firm could not be run profitably, the partners decided to settle the accounts and close the business and accordingly, on 27.01.1997, they prepared Ext.A6 list of profit and loss account and Ext.A7 balance sheet of the Firm before the dissolution deed was signed by parties. According to plaintiff, the defendant accepted a liability for an amount of Rs.2,13,483.64 and agreed to discharge the same forthwith. But since he failed to discharge the liability as undertaken, the plaintiff filed the suit claiming the amount with interest.