The petitioner, a sleeping partner in a Limited Liability Partnership (LLP), filed a writ petition seeking a declaration that the provisions of the Insolvency and Bankruptcy Code (IBC), 2016, should override the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), 2002. The petitioner argued that since insolvency resolution and bankruptcy for individuals and partnership firms came into force on 15.11.2019, the IBC should take precedence. The petitioner initiated insolvency resolution process under Section 94 of the IBC before the National Company Law Tribunal (NCLT), Kochi Bench, after the 5th respondent-Bank resorted to coercive proceedings under the SARFAESI Act. The petitioner claimed that the bank initiated
…Jeny Thankachan, the petitioner, is a sleeping partner in the 3rd respondent-Limited Liability Partnership (LLP). The LLP approached the 4th respondent-Bank and availed a loan of ₹65,10,000. The LLP defaulted in repayment, and the account was declared Non-Performing Asset (NPA) on 31.10.2022. The Bank initiated Section 13 proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner, being a guarantor, was issued a Section 13(2) notice. The Bank approached the Chief Judicial Magistrate under Section 14(1) of the SARFAESI Act, and the Magistrate passed an order dated 30.05.2023 appointing an Advocate Commissioner to assist the Bank in taking possession of the property. The
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Certificate of…
LLP Agreeme…
The petitioner, a sleeping partner in a Limited Liability Partnership (LLP), filed a writ petition seeking a declaration that the provisions of the Insolvency and Bankruptcy Code (IBC), 2016, should override the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act), 2002. The petitioner argued that since insolvency resolution and bankruptcy for individuals and partnership firms came into force on 15.11.2019, the IBC should take precedence. The petitioner initiated insolvency resolution process under Section 94 of the IBC before the National Company Law Tribunal (NCLT), Kochi Bench, after the 5th respondent-Bank resorted to coercive proceedings under the SARFAESI Act. The petitioner claimed that the bank initiated
…Jeny Thankachan, the petitioner, is a sleeping partner in the 3rd respondent-Limited Liability Partnership (LLP). The LLP approached the 4th respondent-Bank and availed a loan of ₹65,10,000. The LLP defaulted in repayment, and the account was declared Non-Performing Asset (NPA) on 31.10.2022. The Bank initiated Section 13 proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner, being a guarantor, was issued a Section 13(2) notice. The Bank approached the Chief Judicial Magistrate under Section 14(1) of the SARFAESI Act, and the Magistrate passed an order dated 30.05.2023 appointing an Advocate Commissioner to assist the Bank in taking possession of the property. The
…Certificate of…
LLP Agreeme…