Indian partnership act 1932
This query is : Open
Vandana Bhat
(Querist)
01 June 2016
The partnership deed is valid for 12 years from 2012 -2024. Loan is given to partnership firm for which the repayment was fixed for 9 years. Now the repayment schedule is revised and it is projected to be repaid till 2026. So in this regard whether necessary amendment or supplementary deed should be executed?
CA Rohit Jain
(Expert)
01 June 2016
yes, you must execute supplementary deed for increase in duration of partnership. Even the loan agreement need to be amended.
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