Contracts of Guarantee in Banking: A Complete Guide
Contracts of guarantee play a significant role in banking and financial services, providing lenders an additional layer of security and assurance. This legal arrangement involves multiple parties and specific principles that safeguard both the creditor and the surety. For professionals in the banking sector and individuals dealing with credit facilities, understanding the nuances of a…
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What are the effects of non-registration of a partnership firm?
Registration of a partnership firm is not compulsory under law. However, the registration gives the firm a legal status. Section 69 makes claims arising out of a contract unenforceable if the firm is unregistered at the date of the institution of the suit. Thus, the major drawback of the non-registered partnership firm is that it…
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What are the legal rights of minor as a partner?
Sec 30(1) of partnership Acts 1932 provides that a person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partners, for the time being, he may be admitted to the benefits of partnership. Under sub-section 30…
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Tax Laws in India: Quick, Practical Overview
India’s tax framework covers direct taxes like Income Tax, transaction levies like Commodity Transaction Tax (CTT), and indirect taxes under Goods and Services Tax (GST), each with distinct bases, timelines, and compliance rules for taxpayers and businesses. Income Tax Key updates FY 2025–26 Corporate tax snapshot Commodity Transaction Tax (CTT) CTT compliance and impact Goods…
Read article The Law of Limitation: A Practitioner’s Overview
The Law of Limitation, primarily governed by the Limitation Act, 1963, prescribes time limits for filing suits, appeals, and applications, and lays down detailed rules for computing these periods to balance finality with fairness. Core definitions Limitation and its computation Computation of the period Acts giving rise to a fresh period Special interruption or start…
The Consumer Protection Act, 2019: A Practical Guide
The Consumer Protection Act, 2019 overhauls India’s consumer law by defining key rights, policing unfair practices and contracts, empowering a new regulator (CCPA), and streamlining redressal through three-tier commissions, time-bound procedures, and mediation cells; awards are enforceable, and limitation rules apply to ensure speed and finality. Definitions Unfair contract and UTP Consumer protection councils Central…
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