DISSOLUTION OF PARTNERSHIP DEED

This deed of dissolution of partnership is made and executed on

this the day of 14 of February, 2023, by and between:-

01/ NISAR AHMAD MIR S/O MOHD IBRAHIM MIR R/O

SONIUM KUNZAR BARAMULLA (HEREINAFTER CALLED
THE ‘PARTY NO.1ST/SURVIVING PARTNER’) OF THE FIRST
PART;

And

02/ AAMIR RAFIQ KHAN S/O MOHD RAFIQ KHAN R/O

MAGAM TEHSIL MAGAM DISTRICT BUDGAM KASHMIR
(HEREINAFTER CALLED THE ‘PARTY NO.2ND /RETIRING
PARTNER’) OF THE SECOND PART

“Which expression shall mean and include the parties their

heirs, executors, administrators and assignees-in-interest”
respectively;

WHEREAS, prior to the execution of this deed, the parties hereto

were carrying out jointly partnership business dealing with sale
and purchase of Carry Bags, Wallets, Luggage and other Travel
Accessories under the name and style of M/S Mother land
Collection with its principal place of business at Hyderi Complex
Magam and “International Luggage and Bags” behind bus
stand Magam.

And whereas now, Party 2nd out of his free will, without any force
or undue influence from any quarter wish to end the partnership
with party 1st and gives the whole business unit to party 1 st on the
conditions mentioned hereinafter.

NOW THIS DEED WITNESSETH AS FOLLOWS:-

1. The Retiring Partner doth hereby declare and confirm that

he has retired from the said firm and the business of the
 said firm shall as from 14 February 2023be carried on by
the Continuing Partner for his own benefit in such manner as
the Continuing Partner may deem fit.
2. The profit and loss of the said firm prior to the execution of
this deed was equally shared by the partner’s i. e 50% -50%
generated by the business.
3. The Retiring Partner doth hereby admit and acknowledge
that he has received his share for an amount of Rupees.
1,50,000/= in the form of three cheques from the
Surviving Partner bearing Cheque Number 650994 dated
23-07-2023 for an amount of Rupees 50,000/=,
650993 dated 29-06-2023 for an amount of Rupees
50,000/= and 650992 dated 10-06-2023 for an amount
of Rupees 50,000.
4. The Surviving Partner has retained the possession of the
both the shops along with its accessories and assets and the
Retiring Partner assign, release and transfer all his share,
right, title and interest in the said firm to the Surviving
Partner and all the properties, assets, credits, effects,
securities, permits, licenses, quota rights, ownership rights,
trade name and goodwill and contracts entered into and
works executed and work-in-progress and deposits paid and
moneys and properties due to the said firm TO HOLD the
same to the Surviving Partner absolutely.
5. The Surviving partner holds all the Liability as well as
encumbrances of the existing shops henceforth. The
Surviving Partner doth hereby release the Retiring Partner
from all actions, accounts, claims and demands in relation to
the said partnership and from all the covenants,
agreements, matters and things in the said hereinbefore
recited Deed of Partnership contained.
6. In case of Dishonor of Cheques supra mentioned, the
Retiring Partner will be at liberty to take legal action against
him as per the relevant provisions of the law.
7. The Surviving Partner shall be entitled to collect all the
assets of the said partnership and to demand, sue for,
recover, receive and give full and effectual receipts and
discharges for all debts and effects of or due or arising or
belonging to the said Partnership and to settle all accounts
relating to any of the said debts or claims and to institute
 and to prosecute any suits, actions or other proceedings for
compelling payment or delivery thereof.
8. The Retiring Partner will not operate any shop with the
supra mentioned names i. e M/S Mother land Collection
and “International Luggage and Bags”
9. The Retiring partner will not interfere with existing Clientage
and will not interfere with the pending assets of his
customers.
10. The Bank Accounts which are running in the name of
the firm “International Luggage and Bags” shall
henceforth run under the name of proprietor and the retiring
partner is duty bound to change the name of the account

11. Neither the Surviving Partner nor the Retiring partner

nor their legal heirs, Successors will claim any benefit of the
firm.

IN WITNESS WHEREOF the parties hereto have hereunto set and

subscribed their respective hands the day and year first
hereinabove written.

SIGNED AND DELIVERED by the)

Retiring Partner ________________ )

SIGNED AND DELIVERED by the)

Surviving Partners______________ )