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   PARTNERSHIP DEED & DISPUTE OF PROFIT BETWEEN PARTNERS Shubham Budhiraja [1] A partnership deed constituted in year 1986 which was re-constituted via deed dated 1992 and it was stated in 1992 deed that if plaintiff failed to maintain 50,000 capital in firm then his profit would reduce from 50% to 10% In year 1995, the deed was again re-constituted and some other partners stating that plaintiff 1 & 2 entitle to 25% each which again makes them 50% each. In 2004, dispute arose between the partners whereby defendant denied the 25% each share of plaintiff’s as a mistake and resolution passed by firm to expel the plaintiff’s from the firm Thus, plaintiff filed suit for rendition of accounts and claiming 50% of share in partnership firm whereas trial court held that plaintiff entitled only to 10% of accounts and plaintiff should also add partnership firm as necessary party for final decree. The HC dismissed the RFA under section 96 and thus SLP. The Supreme Court has held that

  Shubham Budhiraja [1] NBFC license cancelled by RBI because NBFC failed to keep the minimum capital requirements and meanwhile the NBFC acquired a property as winner bidder during SARFESI proceedings but the SDM refused to record mutation on name of NBFC for simple reason that RBI has cancelled the NBFC license and therefore there is no authority. The HC has set aside such an order and direct SDM to register the mutation because NBFC is first a company under companies act and then a NBFC according to license issued by RBI. Mere because the license is cancelled by RBI that does not prevent such a company to acquire a property or sell them on its own name because the cancelled NBFC is continuing as a company for all the purposes as per companies act and such a company being a separate legal entity can acquire property on its own name [2] .     (I)            Certificate of registration as an NBFC is different from the certificate of registration as a company. As can be seen fro

  Shubham Budhiraja [1] In Insurance matters, there are principally two kinds of Insurance namely ; (I)                  Life Insurance & Health Insurance -           Whole life insurance -           Linked with Investment plan (II)                Industrial Insurance -           Fire & peril Policy (a)     Cause of Fire (b)    Loss on plant, machinery, stock, furniture (c)     Exclusion clauses in policy -           Business Interruption policy (a)     period of interruption (b)    performance guarantee test (c)     reason of interruption (d)    pre-conditions to operate policy such as COD should be achieved -           Erection all risk cover policy (a)     Material damage proviso (b)    Recovery rider clause -           Marine Insurance (a)     Road rail transit coverage (b)    Change of warehouse (c)     Reason for damage of consignment (d)    Negligence & Non-cooperation of policy holder -           Motor Insurance (a)