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Indian partnership act 1932

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(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?
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CA Rohit Jain

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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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