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Dissolution Deed Format

This document summarizes the dissolution of a partnership between Mr. Muslim Aslam Qureshi and Mr. Azhar F.M. Chowdhary who operated a retail and e-commerce garment business called Ethic Fashion. The partnership is being dissolved by mutual consent as of September 14, 2019. Mr. Chowdhary will take over the existing business and assets and pay Mr. Qureshi his share as agreed. Both partners agree to fulfill any obligations from the partnership. If Mr. Chowdhary does not make the agreed upon payments, Mr. Qureshi can take legal action against him under relevant acts.

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Muslim Qureshi
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434 views

Dissolution Deed Format

This document summarizes the dissolution of a partnership between Mr. Muslim Aslam Qureshi and Mr. Azhar F.M. Chowdhary who operated a retail and e-commerce garment business called Ethic Fashion. The partnership is being dissolved by mutual consent as of September 14, 2019. Mr. Chowdhary will take over the existing business and assets and pay Mr. Qureshi his share as agreed. Both partners agree to fulfill any obligations from the partnership. If Mr. Chowdhary does not make the agreed upon payments, Mr. Qureshi can take legal action against him under relevant acts.

Uploaded by

Muslim Qureshi
Copyright
© © All Rights Reserved
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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DISSOLUTION DEED

THIS DEED OF DISSOLUTION is made and entered into at Pune this 14th of September
2019, BETWEEN: (1) Mr.Muslim Aslam Qureshi, R/o 1318,Bhimpura lane number-1,
hereinafter referred to as the Party of the First Part and 2) Mr.Azhar F.M Chowdhary R/o
472,centre street Camp,Pune-411001, hereinafter referred to as the Party of the Second Part,
WHEREAS the parties hereto were carrying on business of Retail and e-commerce of
garments in partnership under the firm name and style of M/s. ETHIC FASHION
registered at 493,V.P street camp Pune-411001, as per Deed of Partnership dated 15th Sep
2015, with effect from 15th Sep 2015 at Pune. the parties hereto have agreed to dissolve
the said Partnership firm by mutual consent. AND WHEREAS the parties hereto are
desirous of reducing into writing the term and conditions of the dissolution of the said
partnership firm.

NOW THIS DEED OF DISSOLUTION WITNESSETH AS FOLLOWS :

1. That the partnership under the Deed of Partnership dated 15th Sep 2015, being carried
under the name and style of M/S. Ethic Fashion shall be deemed to have been dissolved
by mutual consent with effect from the close of 14/09/2019.

2. That the all of the existing business, assests of the said partnership firm will be taken
over by the party of the Second Part i.e. Mr.Azhar Chowdhary and the share of first party
and i.e. Mr.Muslim Qureshi will be paid/adjusted as per their mutual consent,Also the
investments and short term credits will be paid back by the party of the Second Part i.e.
Mr.Azhar Chowdhary as per the details attached with this deed.

3. That both of the said parties has assured the other and warrants that except as recorded
in the books of accounts 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 or acurred any obligation that may now or hereafter
directly or indirectly charge or effect the partnership or any of its property.

4. That each of the parties hereto have agreed to assure that they shall execute any other
deed or deeds or releases to further assure the carrying into effect the terms agreed to
herein but at the expenses of requisitioning party.

5. That each of the parties hereto hereby mutually releases the other from the terms and
conditions, proceedings, claims or otherwise arising out of or in respect of the said firm
and from all affairs, business transactions, outstanding, credits and demands in respect
thereof. The parties hereto have agreed to settle their accounts as per Balance Sheet as on
14/09/2019.

6. Notwithstanding anything stated hereby or provided in these presents, it is hereby


agreed by and between the parties hereto that all the parties hereto in due course shall pay
their respective liabilities or any other tax in respect of the profits or income made by the
said partnership firm in proportions to their respective shares prior to the date of
dissolution as aforesaid and shall and will justly, indemnify and keep indemnified each
other, their respective heirs, executors and administrators and their estates and effects
from and against all claims, demands, actions, proceedings that may be made, adopted or
taken and against all costs, charges and expenses that may be incurred in respect thereof.

7.That the liabilities on the said firm will be paid back by Mr.Muslim Aslam Qureshi or
50/50 as per proft & Loss mentioned and agreed in the partship registration.

8.This contract and liabilities payback from the party of the first part are subject to of
clearing of Cheques/Recieving the amount from party of the second part.

9.In case of non recieving the payments/dishounour of cheques from the party of the
second part the party of the first part can sue to party of the second part Under Section 73
of breach of contract act and may ask for additional compensation for Mental harrasment
and defamation under IPC 500 and also Under section 138 of negotiable instrument act.

IN WITNESS WHEREOF the parties hereto have set and subscribed their respective
hands on the 14/09/2019 first hereinabove written.

SIGNED AND DELIVERED By Muslim Qureshi

SIGNED AND DELIVERED By Azhar


Chowdhary

Witness

1.

2.

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