Which section of the Indian Partnership Act, 1932 was omitted by the first schedule of the Insolvency…
The First Schedule to the Insolvency and Bankruptcy Code specifies omission of section 41(a) of the Indian Partnership Act. That clause concerns compulsory dissolution when…
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Which section of the Indian Partnership Act, 1932 was omitted by the first schedule of the Insolvency and Bankruptcy Code, 2016?
Answer and explanation
Correct answer B
The First Schedule to the Insolvency and Bankruptcy Code specifies omission of section 41(a) of the Indian Partnership Act. That clause concerns compulsory dissolution when all partners, or all but one, are adjudicated insolvent. Identifying the amendment written in the Schedule is distinct from determining when it becomes operative.
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