Indian Partnership Act, 1932 · Chapter VI: Dissolution of A Firm
Section 40: Dissolution by agreement
A firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners.
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 40
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Rahul Verma & Ors. v. Rampat Lal Verma & Ors.
Issue arose whether the legal heirs of a deceased partner in a partnership firm, being non-signatories to the partnership deed and in the absence of their explicit consent, can still be bound by the arbitration…
- Rajendra Bajoria and Others v. Hemant Kumar Jalan and Others
- Ravi Prakash Goel v. Chandra Prakash Goel and Anr.