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Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.?
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Krish, Kamya and Ketan are partners in a firm. They jointly promised t...
Extent to which Krish can recover the amount from Ketan
As per the given scenario, Kamya has become insolvent and her private assets are only sufficient to pay 1/5th of her share of debts. Therefore, Krish is compelled to pay the entire amount of Rs. 6,00,000 to Dia. Now, the question arises whether Krish can recover any amount from Ketan or not.
Joint Liability of Partners
When partners in a firm jointly promise to pay a certain amount to a third party, they become jointly liable to pay the entire amount. This means that each partner is liable for the full amount promised to the third party.
Right to Contribution
When one partner pays more than his share of the debt, he has a right to contribution from the other partners in the firm. This means that he can recover a proportionate amount from the other partners.
Extent of Recovery
In the given scenario, Krish has paid the entire amount of Rs. 6,00,000 to Dia. Therefore, he has a right to recover a proportionate amount from Ketan. The extent of recovery will depend on the agreement between the partners.
If there is no agreement between the partners as to the extent of liability, then each partner will be liable to contribute equally towards the debt. This means that Krish can recover 50% of the amount from Ketan.
However, if there is an agreement between the partners as to the extent of liability, then Krish can recover the proportionate amount from Ketan as per the agreement.
Conclusion
In conclusion, Krish can recover a proportionate amount from Ketan as per the joint liability of partners and the right to contribution. The extent of recovery will depend on the agreement between the partners.
As per the given scenario, Kamya has become insolvent and her private assets are only sufficient to pay 1/5th of her share of debts. Therefore, Krish is compelled to pay the entire amount of Rs. 6,00,000 to Dia. Now, the question arises whether Krish can recover any amount from Ketan or not.
Joint Liability of Partners
When partners in a firm jointly promise to pay a certain amount to a third party, they become jointly liable to pay the entire amount. This means that each partner is liable for the full amount promised to the third party.
Right to Contribution
When one partner pays more than his share of the debt, he has a right to contribution from the other partners in the firm. This means that he can recover a proportionate amount from the other partners.
Extent of Recovery
In the given scenario, Krish has paid the entire amount of Rs. 6,00,000 to Dia. Therefore, he has a right to recover a proportionate amount from Ketan. The extent of recovery will depend on the agreement between the partners.
If there is no agreement between the partners as to the extent of liability, then each partner will be liable to contribute equally towards the debt. This means that Krish can recover 50% of the amount from Ketan.
However, if there is an agreement between the partners as to the extent of liability, then Krish can recover the proportionate amount from Ketan as per the agreement.
Conclusion
In conclusion, Krish can recover a proportionate amount from Ketan as per the joint liability of partners and the right to contribution. The extent of recovery will depend on the agreement between the partners.
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Krish, Kamya and Ketan are partners in a firm. They jointly promised t...
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Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.?
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Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.?.
Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.?.
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Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.?, a detailed solution for Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.? has been provided alongside types of Krish, Kamya and Ketan are partners in a firm. They jointly promised to pay Rs. 6,00,000 to Dia. Kamya become insolvent and her private assets are sufficient to pay 1/5 of her share of debts. Krish is compelled to pay the whole amount to Dia. Examining the provisions of the Indian Contract Act, 1872, decide the extent to which Krish can recover the amount from Ketan.? theory, EduRev gives you an
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