DEED OF DISSOLUTION BETWEEN FIVE PARTNERS
THIS DEED OF DISSOLUTION is made on
the................................................................................... between:
(1) MR............................................................................................
hereinafter called the party of the First Part.
(2) MR.............................................................................................
hereinafter called the party of the Second Part.
(3)
SMT...................................................................................................
........... hereinafter called the party of the Third Part.
(4)
SMT...................................................................................................
.......... hereinafter called the party of the Fourth Part.
(5)
MR....................................................................................................
.. representing as a Karta
of.....................................................................................................
H.U.F. hereinafter called the party of the Fifth Part.
WHEREAS the parties of the First, Second, Third, Fourth and Fifth Part hereof
were carrying on the business in partnership deed under the name and style
of
M/s.....................................................................................................................
vide Deed of Partnership made and entered into
at..............................................................................................................
on................................................................... w.e.f.......................... upon
certain terms and conditions embodied in the said document and which firm
has been and is continuing and whereas the party of the Second, Third,
Fourth and Fifth part have expressed their desire to retire from the business
of the firm w.e.f. 1st April, 1997.
NOW THIS DEED WITNESSETH AS UNDER:
(1) The aforesaid partnership is hereby dissolved w.e.f. 1st April,
1997.
(2) That the parties have signed notice addressed to the Registrar of
Firms notifying the dissolution of firm which shall be delivered to
the Registrar by the First Party who shall cause to be published in
the Official Gazette and in the Newspapers, the notice of such
dissolution as early as possible.(3) That each of the said parties
has assured the others and warrants or except as recorded in the
books and papers of the partnership each of them has not
received collected or discharged or compromised any claim
demand or other credit due or to become due to the partnership
constructed or otherwise incurred any liability debt or obligation
that may now or hereafter, directly or indirectly change or effect
the partnership or any of its property.
(4) That the accounts of assets and liabilities of the partnership have
been taken and final profit and loss account as well as final
balance sheet been prepared after mutually assessing the stock,
securities, goodwill, actionable claims and all other assets,
movable and immovable and undertaking of the firm which has
been signed in triplicate by each of the parties.
(5) That the assets and liabilities as per the balance sheet
aforementioned along with goodwill of the business have been
allotted and assigned to the First Party who agreed to discharge
all the liabilities of the firm. The capital account of the retired
partners are transferred to their respective loan account. The
Second, Third, Fourth and Fifth Party hereby relinquish, relieve,
assign, disclaim and convey all the rights and interest in the
partnership properties outstanding privileges, trade names, trade
marks, etc. in favour of the First Party who has undertaken to save
harmless the Second, Third, Fourth and Fifth Party from all the
liabilities of obligation of the partnership accrued due or hereafter
to accrue due.
(6) Each of the parties has agreed to assure the other that they shall
execute any other deed or deeds or relieve to further assurance
carrying into effect the terms agreed to herein at the expenses of
the requesting party.
(7) This deed shall be duly registered at the cost of the First Party
who shall retain the original but who shall at all reasonable time
be bound to produce the same before any court or authority or for
the inspection of the other parties hereto.
IN WITNESS WHEREOF THE PARTIES HAVE SIGNED THIS DEED.
1. SIGNED, SEALED AND DELIVERED by the within named
MR.......................................................................................... as
continuing partner in the presence
of...............................................................................................
2. SIGNED, SEALED AND DELIVERED by the withinnamed
MR.................................................................................... as retired
partner in the presence
of......................................................................................................
...............................
3. SIGNED, SEALED AND DELIVERED by the withinnamed
SMT............................................................................................ as
retired partner in the presence of……………………………
4. SIGNED, SEALED AND DELIVERED by within named
SMT................................................................. as retired partner in
the presence of…………………………..
5. SIGNED, SEALED AND DELIVERED by the withinnamed
MR....................................................................................................
.............. representing as a Karta
of......................................................................................................
........... H.U.F. as retired partner in the presence
of......................................................................................................
........