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THE HIGH COURT OF KARNATAKA
D K SINGH, S RACHAIAH, JJ
SRI SREEKUMAR – Appellant
Versus
CANARA BANK – Respondent
| Table of Content |
|---|
| 1. liability of retired partners for partnership debts. (Para 1 , 2 , 3 , 4 , 5 , 6 , 9 , 10) |
| 2. argument regarding the bank's knowledge of partnership changes. (Para 12) |
| 3. court's analysis on novation of contracts. (Para 13 , 14 , 15 , 16 , 17 , 19 , 21) |
| 4. discharge of liability via new agreements. (Para 18 , 20) |
| 5. final ruling and orders of the court. (Para 22) |
ORAL ORDER
(PER: HON'BLE MR. JUSTICE D K SINGH)
1. The present writ petition has been filed impugning the order dated 09.05.2025 passed by the Debts Recovery Appellate Tribunal, Chennai (DRAT) in Regular Appeal No.110/2017 and the order dated 27.01.2016 passed by the Debts Recovery Tribunal, Bengaluru (DRT) in the Original Application No.1458/2013.
2. The petitioners were the partners of M/s. Srishti Components, a partnership firm registered under the provisions of the Indian Partnership Act, 1932 . Initially, the respondent No.2-partnership firm was constituted with the petitioners and the respondent No.3-Smt. Preetha Menon as its partners. The firm was constituted with the object of setting up a small scale industrial unit for manufacturing of Metal Press Components used in mechanical, electrical and automobil
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