Normally partnership deed contains rules and regulations regarding the conduct of partnership business. In such cases partnership may not have a written agreement. In some other firms, partnership deed may be silent on some matter.
Then relevant discussion in the IPA 1932 becomes applicable. As per IPA 1932, interest on loan is payable at 6% p.a. on Partner’s loan. So Manu’s opinion that interest on loan is not payable, is wrong.