(a) Ratan Tata, a retired businessman of repute, assumed the honorary presidentship of the
business of Surana & Associates, a partnership firm, carrying on the business of trading in
steel pipes, on the request of the partners. Mr. Warren Buffet lent a sum of Rs. 50,00,000 to
the firm, relying on Ratan Tata's association with the firm. Later the firm defaulted in
repayment of the loan. Warren Buffet decides to sue Ratan Tata & the other partners.
Comment on the validity of his decision in the context of the provisions of the Indian
Partnership Act, 1932.
(6 maries)
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