Sankarasubban, J.

One T.V. Vasu Nedungadi and P.K. Vasudevan Nedungadi were successful in conducting partnership business. The Firm had acquired a reputation and the partnership acquired assets.

2. While so, the partners (who were brothers-in-law also) agreed to dissolve the Firm by deed of dissolution dated 30th June, 1981, which is produced as Ext. A1 in the case. By this dissolution deed, the Firm, Cochin Electric and Novelty Store stands dissolved with effect from 30th June, 1981. T.V. Vasu Nedungadi (Hereinafter called as T.V. Nedungadi') has gone out of the partnership and P.K. Vasudevan Nedungadi (hereinafter called as P.K. Nedungadi') continued the business. Ext. A1 detailed the terms of dissolution. Under Clause (3) P.K. Nedungadi has to pay Rs. 3.5 lakhs to T.V. Nedungadi or his nominees. It appears, T.V. Nedungadi expressed his desire that the amount of Rs. 3.5 lakhs shall be paid equally to his sons and daughters at the rate of Rs. 50,000/-. P.K. Nedungadi agreed to pay this amount within five years with 8% interest.

3. The partnership had as its assets buildings bearing Door Nos. 38/122-1 and 38/122-2. These buildings belong to both P.K. Nedungadi and T.V. Ned