Court : Mumbai
..... . under section 3 of the limited liability partnerships act, 2008 a limited liability partnership is a body corporate incorporated under the provisions of the said act is a separate legal entity separate from that of its partners and has perpetual succession ..... . even if part of the disclosure was agreed by the petitioners nos.2 and 3, the disclosure sought by the respondents being contrary to the provisions of limited liability partnership act, 2008 and companies act, could not have been ordered by the majority arbitrators and that also without following agreed procedure under iba rules and contrary to section 27 of the arbitration act. 70 ..... . in my view the majority arbitrators thus could not have applied the provisions and/or principles of indian partnerships act, 1932 to those four limited liability partnerships formed and registered under the provisions of limited liability partnerships act, 2008 and to a private limited company. 77 ..... . such firms are liable to the full extent of its assets and insofar as liabilities of partners are concerned, it is limited to their agreed contribution in the limited liability partnerships ..... learned senior counsel for the petitioners invited my attention to the dissenting order passed by mr.justice r.v.raveendran (retired), a co-arbitrator and adopted the reasons recorded by the learned dissenting arbitrator allowing application filed under section 17 by the respondents only in part to the extent agreed by the petitioners herein. .....
Tag this Judgment!Court : Supreme Court of India
..... limited liability partnership act, 2008 ..... and extend to 235 section 2(b)(ii), transgender persons act 236 section 3(a), transgender persons act 237 section 3(b), 3(c), transgender persons act 238 section 3(d), transgender persons act 239 section 3(f), transgender persons act 240 section 3(g), transgender persons act 241 section 3(h), transgender persons act 242 section 3(i), transgender persons act 243 section 3(e), transgender persons act 193 part d practically every ..... which come to one s mind which in fact created social status or facilitated the status of individuals in private fields are the special marriage act, 1954, the protection of women from domestic violence act, 2005 ( dv act ), and section 41 of the juvenile justice (care and protection of children) act (which enables adoption amongst members of all faiths and (a) any child, legitimate or illegitimate, both of whose parents are hindus, buddhists, jainas ..... batch of petitions, this court holds that section 4 is unconstitutional because it is underinclusive to the extent that it excludes, by implication, the marriage between same-sex couples, the court could either strike down section 4 of the sma or follow the ..... the provision states that sections 19, 20 (to the extent that it creates a disability), and 21 shall not apply when a marriage is solemnized between a person who professes the hindu, buddhist, sikh, or jain religion with a person ..... , holding that section 377 is unconstitutional to the extent that it criminalizes .....
Tag this Judgment!Court : Mumbai
..... we have not in any manner dealt with partnership firm registered under the limited liability partnership act, 2008 and the liability of its partners under section 112(a) of the act. 42. ..... the correct view only to the following extent: (a) where the show cause notice makes out a case under section 112(a) of the act read with section 135 of the act then alone on application of section 140 of the act simultaneous penalties are imposable upon the firm and its managing partner; or (b) where the show cause notice makes out an independent case of abetment upon the partner for the act or omission of the partnership firm which has rendered the goods ..... is imposable is the correct view only to the following extent: (a) where the show cause notice makes out a case of an offence under section 112(a) of the act read with section 135 (1)(a) of the act, then alone, section 140 of the act is applicable for penalty upon the partner; or (b) where the show cause notice makes out an independent case of abetment by the partner for the act or omission done by the partnership firm which has rendered the goods liable for confiscation ..... , we do not agree with the view of the division bench in textoplast industries (supra) to the extent it holds that the decision of the apex court in standard chartered bank (supra) would apply to section 140 of the act so as to govern adjudication proceedings under section 112(a) of the act as in the case of section 68 of fera being applicable to section 50 of fera. 23. .....
Tag this Judgment!Court : Delhi
..... partnership act, 1932, the central excise act, 1944, customs act, 1962, income-tax act, 1961, the recovery of debts due to banks and financial institutions act, 1993, the finance act, 1994, the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, the sick industrial companies (special provisions) repeal act, 2003, the payment and settlement systems act, 2007, the limited liability partnership act, 2008, and the companies act, ..... after the second proviso, the following provisos shall be inserted, namely:-" provided also that any scheme sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the sick industrial companies (special provisions) act, 1985 shall be deemed to be an approved resolution plan under sub-section (1) of section 31 of the insolvency and bankruptcy code, 2016 and the same shall be dealt with, in accordance with the ..... scheme, scheme to be binding and for the implementation of scheme under section 261 to 264 of the companies act, 2013; and, whereas, sections 253 to 269 of the companies act, 2013 have been omitted by eleventh schedule to the insolvency and bankruptcy code, 2016; and, whereas, clause (b) of section 4 of the sick industrial companies (special provisions) repeal act, 2003 has been substituted by the eighth schedule to the code, ..... extent, the petitioner has not challenged and questioned the code or for that matter, section 4(b) and 5(1)(d) of the repeal act .....
Tag this Judgment!Court : Supreme Court of India
..... . definitions in this code, unless the context otherwise requires, - *** (7) "corporate person" means a company as defined in clause (20) of section 2 of the companies act, 2013 (18 of 2013), a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the limited liability partnership act, 2008 (6 of 2009), or any other person incorporated with limited liability under any law for the time being in force but shall not include any financial service provider; (8) "corporate debtor" means a corporate person who owes a debt to any person; *** (10) "creditor" means any person ..... in the event a resolution plan permits creditors to continue proceedings against the personal guarantor, then such personal guarantors would continue to be liable to discharge the debts owed to the creditor by the corporate debtor, which would be limited of course to the extent of debt that did not get repaid under the resolution plan. ..... of insolvency (in relation to personal guarantors, under part iii of the code) might be different from that relating to corporate debtors, unifying both processes under one forum enables the adjudicating body to have a clear vision of the extent of debt of the corporate debtor, its available assets and resources, as also the assets and resources of the personal guarantor. ..... the petitioners argue that the impugned notification, to the extent it brings into force section 2 (e) of the code with effect from 01.12.2019 is hit by non-application of mind .....
Tag this Judgment!Court : Delhi
..... in execution; (viii) that though section 53 of the transfer of the property act, 1882 allows the creditors to have a transfer of property made with an intent to defeat the creditors set aside but a case therefor has to be pleaded; (ix) that it cannot be laid as a general proposition that whenever the decree is against a company, its directors/shareholders would also be liable-to hold so would be contrary to the very concept of limited liability and obliterate the distinction between a partnership and a company; (x) that though ..... in order to satisfy a decree, proceed against the personal assets of its directors and shareholders cm(m) no.559/2017 page 3 of 8 but the said judgment was over ruled by the division bench efa(os) no.17/2008 decided on 7th november, 2008 and reported as manu/de/1756/2008, finding that the director of the company had agreed to be personally liable to satisfy the decree and for this reason holding him liable; however the division bench refrained from commenting ..... held that in law, a company is a person all together different from its shareholders and directors and the shareholders and directors of the company are not liable for the debts of the company except to the extent permissible; (vii) that though a single judge of this court in jawahar lal nehru hockey tournament vs. ..... it is settled principle of law that the directors and shareholders of a company are not liable for the dues of the company except to the extent permitted by law. .....
Tag this Judgment!Court : Supreme Court of India
..... process against such corporate debtor, it shall stand discharged from the date of approval of the resolution plan subject to requirements of this sub-section having been fulfilled: provided further that every person who was a "designated partner" as defined in clause (j) of section 2 of the limited liability partnership act, 2008, or an "officer who is in default", as defined in clause (60) of section 2 of the companies act, 2013, or was in any manner incharge of, or responsible to the corporate debtor for the conduct of its business or associated with the corporate debtor ..... (6) where the terms of the financial debt extended as part of a consortium arrangement or syndicated facility provide for a single trustee or agent to act for all financial creditors, each financial creditor may- (a) authorise the trustee or agent to act on his behalf in the committee of creditors to the extent of his voting share; (b) represent himself in the committee of creditors to the extent of his voting share; (c) appoint an insolvency professional (other than the resolution professional) at his own cost to represent himself in the .....
Tag this Judgment!Court : Supreme Court of India
..... whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; (7) corporate person means a company as defined in clause (20) of section 2 of the companies act, 2013 (18 of 2013), a limited liability partnership, as defined in clause (n) of sub-section (1) of section 2 of the limited liability partnership act, 2008 (6 of 2009), or any other person incorporated with limited liability under any law for the time being in force but shall not include any financial service provider; (8) corporate debtor means a corporate person who owes ..... any acceptance credit facility or its dematerialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire-purchase contract which is deemed as a finance or capital lease under the indian accounting standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted ..... the interest of the financial creditor he represents and shall always act in accordance with their prior instructions: provided that if the authorised representative represents several financial creditors, then he shall cast his vote in respect of each financial creditor in accordance with instructions received from each financial creditor, to the extent of his voting share: provided further that if any financial creditor does not give .....
Tag this Judgment!Court : Supreme Court of India
..... however section 3(37) of the code states that words and expressions used but not defined in this code but defined in the indian contract act, 1872 (9 of 1872), the indian partnership act, 1932 (9 of 1932), the securities contract (regulation) act, 1956 (42 of 1956), the securities exchange board of india act, 1992 (15 of 1992), the recovery of debts due to banks and financial institutions act, 1993 (51 of 1993), the limited liability 15 partnership act, 2008 (6 of 2009) and the companies act, 2013 (18 of 2013), shall have the meanings respectively assigned ..... orders have not hampered the rights of victory under the leave and license 12 agreement in any manner; (ii) that under the development agreement as well as the two mous which followed, the possession of the entire extent of land has been handed over to the corporate debtor; (iii) that what is sought to be included in the information memorandum are the development rights that the corporate debtor has over the property in question; (iv) ..... district administration only for discharging his duties under the code and hence the very application moved by the resolution professional under regulation 30 was misconceived, in the light of the circumspection indicated in section 25(2)(a) of ibc; and (iv) that even as per the very complaint lodged by the resolution professional, victory is in possession of the entire extent of land and that, therefore, in the light of the law laid down by this court in embassy property developments private .....
Tag this Judgment!Court : Supreme Court of India
..... person has in turn been defined under section 3(7) as a company under the companies act as defined in section 2(20) of the companies act, 2013, a limited liability partnership as defined in the limited liability partnership act, 2008 or any other person incorporated with limited liability but under any law for the time ..... and facilities appurtenant to such apartment by way of sale, mortgage, lease, gift, exchange or in any other manner whatsoever in the same manner, to the same extent and subject to the same rights, privileges, obligations, liabilities investigations, legal proceedings, remedies and to penalty, forfeiture or punishment as any other immovable property or make a bequest of the same under the law applicable to the ..... persons to inspect such land and make a report as to whether there had been any breach of the terms and conditions of any sublease in respect of such land and, if so, the nature and extent of 138 such breach, and for this purpose, it shall be lawful for the lessee or any person authorised by him to enter into, and to be in, the land in relation to which such breach ..... essential, and material; of real 111 worth and importance (iv) strong, solid, and firm; large and strongly constructed (v) at least moderately wealthy; possessed of sufficient financial means (vi) considerable in extent, amount, or value; large in volume or number (vii) having permanence or near- permanence; long-lasting (viii) containing the essence of a thing; conveying the right idea even .....
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