Judgment Search Results Home > Cases Phrase: limited liability partnership act 2008 section 60 compromise or arrangement of limited liability partnership Page 1 of about 249 results (0.202 seconds)

Kasi Alias Alagappa Chettiar and ors. Vs. Rm. A. Rm. V. Ramanathan Che ...

Court : Chennai

Reported in : (1949)1MLJ298

..... of the deceased partner is entitled to call upon the surviving partners to account for the deceased partner's share as it stood on his death and to have his claim satisfied out of the assets of the dissolved partnership after discharging all liabilities incurred before dissolution and such only of the liabilities incurred thereafter by the surviving partners, as are incidental to and necessary for the winding up of the business (sections 46 and 47 of the partnership act). ..... series of authorities, both english and indian, had previously laid down the same rule as was subsequently enacted in section 42 of the english partnership act corresponding to section 37 of the indian act and under those decisions, the representatives of a deceased partner had the option to claim profits or interest see ..... the accounts will have to be settled by court in the manner laid down by section 48 of the partnership act and the surplus assets, if any, will have to be divided between the partners according to ..... profits or interest by the retired partner on the ground that the portion of the assets of the dissolved firm used by the surviving partners in the subsequent conduct of the business was well within the limits of their own share of such assets and therefore the retiring partner's share could not be considered to have been used at all by them for the subsequent business. ..... third plaintiffs claim to be entitled to a moiety of valliappas interest inn the partnership by reason of a compromise in o.s. no. .....

Kashiram Bhagshet Shete Vs. Bhaga Bhaushet Redij

Court : Mumbai

Reported in : AIR1945Bom511; (1945)47BOMLR470

..... joint hindu family trading firms according to the principles of hindu law, it remains to consider how far one would be safe in applying to the case of a joint hindu family trading firm the principle of the law of partnership enunciated in the old section 264 of the indian contract act, now re-enacted in section 45 of the indian partnership act, which lays down that notwithstanding the dissolution of a firm, the partners continue to be liable as such to third parties for any ..... due by the defendants' joint family to the plaintiff by executing the promissory note on february 6, 1938, was thus a valid acknowledgment within the meaning of section 19 of the indian limitation act, and the consent terms dated november 22, 1939, signed by the respective counsel for the parties constituted a further acknowledgment of liability to the plaintiff within the period of limitation bringing the suit filed by the plaintiff on april 22, 1941, well within time as already pointed out above.30. ..... (1)):as between the partners and the outside world, whatever may be their private arrangements between themselves each partner is the unlimited agent of every other in every matter which is partnership business or which he represents as partnership business and not being in its nature beyond the scope of the partnership. ..... the power; to contract debts for the family business the manager has the power of making contracts, giving receipts and compromising or discharging claims ordinarily incidental to the business. .....

Wind World (India) Limited and Others Vs. Enercon GmbH and Another

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 ..... 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 ..... 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 ..... . 2 and 3 to prevent those limited liability partnerships and other partners from exercising their rights and powers under the provisions of limited liability partnerships act, 2008 which is not permissible in ..... interim measures could be passed against those limited liability partnerships and other partners of whatsoever nature against them directly or indirectly which would impose any restriction against them from exercising their rights and powers available to them under the provisions of limited liability partnerships act, 2008 or as shareholders of the said private limited company .....

Commissioner of Income-tax, West Bengal Vs. Khetan and Co.

Court : Kolkata

Reported in : [1962]45ITR170(Cal)

..... section 30(3) of the partnership act clearly circumstances the maximum limit of a minors liability to one limited to his share and therefore no personal liability or no recurring liability of such a nature as provided in clause 6 of the partnership agreement in this ..... the opinion that the deed of partnership expressly stated that the minor was admitted to the benefits of partnership and expressly mentioned that this case was subject to section 30 of the indian partnership act and, therefore, he read clause 5 of the partnership deed as subject to section 30 of the partnership act with the result that he was of the view that clause 5 should be read, so far as the minor was concerned, as a liability for the loss for his ..... of deciding the point in this appeal and we shall pass it by.sub-section (7) of section 30 of the partnership act proceeds to provide as to who shall have the burden of proving the fact that the minor had no knowledge of admission into partnership, a consideration which is not relevant for the purpose of deciding the point in this appeal and we shall pass it by.sub-section (7) of section 30 of the partnership act provides for the rights and liabilities of the minor who becomes a partner. ..... the minor again marks the difference between a partner and a minor admitted to the benefits of a partnership.fourthly, sub-section (4) of section 30 of the partnership act gives a limited right to such a minor to sue the partners for an account or payment of his share of profits .....

K. Laxminarayana Reddy, Since Died Per L Vs. Vardhi Reddy Dasrath Ram ...

Court : Andhra Pradesh

hon'ble sri justice c.v. nagarjuna reddy c.r.p.no.1554 o 9. 4-2012 k. laxminarayana reddy, since died per l.r. k. ranganadha reddy vardhi reddy dasrath ram reddy (died)and others head note: counsel for petitioner : sri m.v.s. suresh kumar counsel for respondent nos.2 & 9 : sri jithender rao veeramalla counsel for respondent no.3 : sri d. prakash reddy,senior counsel for sri p. venka reddy counsel for respondent nos.4 & 5 : sri p. venugopal counsel for respondent no.7 : sri ch. siva reddy ?cases referred:1. air 196.s.c.

M/s. Amritlakshmi Machine Works and Another Vs. The Commissioner of Cu ...

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. ..... for proper appreciation of the submissions made by the counsel before us, it would be necessary to extract the relevant provisions of the act, fera, partnership act and general clauses act, which are as under: customs act: chapter - i section 2 definitions in this act, unless the context otherwise requires, - (26): importer , in relation to any goods at any time between their importation and the time when they are cleared for home consumption, includes any owner or any person holding ..... , (air 1970 sc 1343) in considering the section 3(42) of the general clauses act which defines person , has observed that the definition of person under section 3(42) of the general clauses act cannot be imported into the partnership act, the provisions of which alone are relevant to find out as to who could join as partners. ..... the exposition of law in the above decisions makes it clear, that a partnership firm, when is an importer of goods would be a person for the purposes of section 112(a) of the act and cannot escape the liability to be fastened of a penalty for any acts or omissions which result in contravention of the provisions of the act. .....

Lalit Kumar Jain Vs. Union Of India

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 to ..... the resolution professional, liquida- tor or bankruptcy trustee, as the case may be, is of the opinion that assets of the corporate debtor or debtor, including a personal guarantor of a corporate debtor, are situated in a country outside india with which reciprocal arrangements have been made under section 234, he may make an application to the adjudicating au- thority that evidence or action relating to such assets is required in connection with such process or proceeding ..... personal guarantor in such cases, who provides assets which have been charged against the amount advanced to his company would most probably not permit himself to be driven to bankruptcy, and would therefore, be more likely to arrange for payment of monies due from him to obtain a discharge by payment of the 19 amount outstanding to the bank or other financial creditor. .....

J. Seetha Rama Sastry Vs. State of Karnataka and Another

Court : Karnataka

Reported in : ILR1991KAR3053; [1993]199ITR588(KAR); [1993]199ITR588(Karn)

..... registration is required only for certain limited purposes and non-registration affects the procedural rights of the partners, as per section 69 of the partnership act; even here, the firm or the partners may have the effect of non-registration removed, by getting it registered at the time of ..... whose liability to pay tax was discovered by one method could be proceeded against at any time and no limitation would apply in their case, and in the case of other the limitation laid down by sub-section (1) so section 34 ..... matter of formation of a partnership, its constitution, the rights and liabilities of the partners and their relationship to the firm and in the mode of carrying on of the trade, non-registration of the firm under the partnership act has no relevancy at all ..... in short, while article 14 forbids class discrimination by conferring privilege or imposing liabilities upon persons arbitrarily selected out of large number of other person similarly situated in relation to the privileges sought to be conferred or the liabilities proposed to be imposed, it does not forbid classification for the purpose of legislation such classification is not arbitrary in ..... in fact, while considering the scope of article 276 and the liability of the firm to pay the tax as legal entity, the learned judge observed, at para 11 (page 14) :'in the eyes of law, the registered firm ..... the subject of levy in the instant case is the trade but the liability to pay the same is on the person who is engaged in the .....

Commissioners for Her Majesty's Revenue and Customs (Appellant) Vs. To ...

Court : UK Supreme Court

..... section 118za(1) (as substituted by fa 2001) provides: "for the purposes of the tax acts, where a limited liability partnership carries on a trade, profession or other business with a view to profit (a) all the activities of the partnership are treated as carried on in partnership by its members (and not by the partnership as such), (b) anything done by, to or in relation to the partnership for the purposes of, or in connection with, any of its activities is treated as done by, to or in relation to the members as partners, and (c) the property of the partnership is treated as held by the members as partnership ..... limited liability partnership established under the limited liability partnership act ..... the appeal papers relate to the same llp): date description parties (1) 31 march 2004 software licence agreement ("sla") mcashback (1) llp2 (then tower taxi technology 34 llp)(2) (2) 6 july 2004 limited liability partnership agreement ("the partnership agreement") original founder members (1) llp2 (2) (3) 6 july 2004 operations agreement ("the operations agreement") mcashback (1)llp1 (2) llp2 (3) llp3 (4) llp4 (5) (4) 7 july 2004 valuation report valuation ..... at some length because it was the latest relevant authority when mcashback and tower were planning and negotiating their arrangements; hmrc's appeal to the house of lords was pending (henderson j referred to this in para 48 of ..... been trading during the 2003-4 tax year: [2008] stc 3366, 3369-3411. ..... appeal ([2008] ewhc 2387 (ch), [2008] .....

Swiss Ribbons Pvt. Ltd. Vs. Union of India

Court : Supreme Court of India

..... amendments in the indian partnership act, 1932, the central excise act, 1944, customs act, 1962, the 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, 2013.5. the ..... . corporate debtor against the (2) the committee of creditors shall comprise all financial creditors of the corporate debtor: provided that a financial creditor or the authorised representative of the financial creditor referred to in sub-section (6) or sub-section (6-a) or sub-section (5) of section 24, if it is a related party of the corporate debtor, shall not have any right of representation, participation or voting in a meeting of the committee of creditors: provided further that the first proviso shall not apply to a financial creditor, regulated ..... . for this section, the term assets shall not include the following, namely (a) assets owned by a in possession of the corporate debtor held under contractual arrangements including bailment; third party trust or under 106 (b) assets of any indian or foreign subsidiary of the corporate debtor; and (c) such other assets as may be notified by the central government in consultation with any financial sector .....