Insolvency Petition U/s 95 of IBC Not Maintainable Against Partnership Firms: NCLT
The NCLT concluded that since partnership firms are not covered by section 5(22) of the IBC, a petition under section 95 against them cannot be maintained. The appropriate forum to proceed against them will be the Debt Recovery Tribunal as provided under section 79 of the IBC.
The Hyderabad bench of the National Company Law Tribunal (NCLT) ruled that partnership firms do not fall under section 95 of the Insolvency and Bankruptcy Code (IBC). The tribunal dismissed a petition filed by Union Bank of India (Financial Creditor) under section 95 of the IBC against KMR Enterprises (Respondent). The petition was filed by…
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