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Provisions of sec. 69(2) of Partnership Act applies to suits, and therefore, can't apply to proceedings under IBC

March 19, 2020[2020] 114 673 (NCLT - Mum.)

IBC : Provisions of section 69(2) of Indian Partnership Act, 1932, applies to 'suits' and therefore, same cannot apply to 'proceedings' under Code

IBC : Where applicant filed application under section 9 against respondent on account its failure to make payments for goods supplied, in view of fact that there was a trinity of entities which were dealing with respondent and due to fallout between partners of operational creditor, remaining partner decided to use said position to his advantage by issuing a demand notice to corporate debtor, it was appropriate to leave parties to work out their remedies under other laws before Civil Court and thus, instant application was to be dismissed

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