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Informative

Assets of Partnership Firm Not Amounts to Property of Personal Guarantor: NCLAT

Update / Judgement Date

20 Oct 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate Law & GovernanceInsolvency & Bankruptcy Code

The NCLAT has ruled that the assets of a partnership firm do not amount to the property of a personal guarantor. This decision delineates the separation of personal and business assets in insolvency cases, providing clarity on the legal responsibilities of guarantors.