9911796707
TMI Blog2018 (10) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Shiv Dairy, Village Adiyana, Tehsil Madlauda, District Panipat. Deputy Commissioner-cum-District Magistrate, Panipat; Naib Tehsildar, Madlauda, District Panipat and UCO Bank, Panipat Branch have been arrayed as respondents No.1 to 3 respectively, in the writ petition. 3. The petitioner alongwith Jai Singh (now deceased), in partnership, started business of dairy farming in the name & style of M/s Shiv Dairy. For the purpose of business, firm availed following credit facilities in the year 2012 from respondent No.3-bank:~ Nature of Facility Sanctioned Limit Cash Credit Rs. 5,00,000/- Term Loan Rs. 6,19,995/- In order to secure the loan, both the partners mortgaged their land measuring 23 Kanal 9 Marla and 14 Sarsai, comprised ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to petitioner's depositing Rs. 10 lakhs. On 13.12.2017, learned counsel for the petitioner submitted that the petitioner will deposit Rs. 2.5 lakhs within three days and further Rs. 7.5 lakhs on or before the next date of hearing. At this stage, he stated that the petitioner will pay his half share of the loan amount and other half share may be recovered by selling the property of another partner. 7. The order dated 13.12.2017 was complied with and on 16.01.2018, learned counsel for the petitioner undertook to pay Rs. 3 lakhs more to the respondent No.3-bank within two months. Status quo regarding possession was restricted to half of the share of the land which was in possession of the petitioner. Thereafter, petitioner failed to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rship Act, 1932, every partner is jointly and severally liable for the acts of the firm. The petitioner is liable to clear the liability of the firm. The right of the bank while making recovery is not affected by the individual share percentage of each partner in the firm, it is something into the partners. 13. The Apex Court in Ashutosh Vs. State of Rajasthan and others, 2005 AIR (SC) 3434 held as follows:- "Under Section 25, the liability of the partners is joint and several. It is open to a creditor of the firm to recover the debt from any one or more of the partners. Each partner shall be liable as if the debt of the firm has been incurred on his personal liability." 14. The Supreme Court in Sahu Rajeshwar Nath Vs. Income Tax Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
