Section 95 of THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909 in hindi
– Any creditor whose debt is sufficient to entitle
him to present an insolvency petition against all the partners in a firm may present a petition against any one or more partners in the firm without including the others.
Summary
Creditors with sufficient debt can present an insolvency petition against all partners in a firm without including the others.
Practical examples
FAQ
1. Can a creditor file an insolvency petition against just one partner of a firm under Section 95 of the Presidency-Towns Insolvency Act, 1909?
Yes, under Section 95 of the Presidency-Towns Insolvency Act, 1909, any creditor who is entitled to file a petition against all the partners in a firm can file a petition against any one or more partners without including the rest.
2. What are the requirements for a creditor to petition against an individual partner under Section 95 of the Presidency-Towns Insolvency Act, 1909?
Under Section 95 of the Presidency-Towns Insolvency Act, 1909, the creditor's debt must be sufficient to entitle them to present an insolvency petition against all of the partners in the firm.
3. Does a creditor lose the right to go after other partners if they petition against only one partner under Section 95 of the Presidency-Towns Insolvency Act, 1909?
No, Section 95 of the Presidency-Towns Insolvency Act, 1909, allows the creditor to target any one or more partners without including the others, meaning they can choose their target partners without affecting their overall legal rights.
Test yourself
Q1.Under Section 95 of the Presidency-Towns Insolvency Act, 1909, what must be true about a creditor's debt before they can petition against a single partner of a firm?
Q2.Under Section 95 of the Presidency-Towns Insolvency Act, 1909, is a creditor forced to include all partners of a firm in an insolvency petition?
Q3.If we combine Section 95 with the debt limit in Section 12 of the Presidency-Towns Insolvency Act, 1909, what is the minimum debt a creditor must be owed by a firm to petition against a single partner under Section 95?
Q4.Under Section 95 of the Presidency-Towns Insolvency Act, 1909, if a creditor petitions against Partner A and Partner B but excludes Partner C, what is the status of the petition?