https://www.taxtmi.com/caselaws?id=291905 An insolvency application under the Code was held not maintainable against a corporate partner where the alleged debt was owed by the partnership firm itself. The Tribunal reasoned that, even if a demand notice was issued to the firm and its partners and joint liability was asserted under the Partnership Act, the liability remained that of the firm and could not be pursued through CIRP against one partner alone. The petition was therefore rejected because the debt was treated as a firm's obligation, not a basis for insolvency action against the respondent partner. en-us Fri, 25 Oct 2019 00:00:00 +0530 Wed, 13 Nov 2024 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291905 An insolvency application under the Code was held not maintainable against a corporate partner where the alleged debt was owed by the partnership firm itself. The Tribunal reasoned that, even if a demand notice was issued to the firm and its partners and joint liability was asserted under the Partnership Act, the liability remained that of the firm and could not be pursued through CIRP against one partner alone. The petition was therefore rejected because the debt was treated as a firm's obligation, not a basis for insolvency action against the respondent partner. Case-Laws IBC Fri, 25 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291905