Can two brothers doing business separately files a single ip ?

Jegaraj (Querist) 15 December 2016 This query is : Resolved
One of my clients are doing real estate business along with his brother. Due to the down trend in the industry they are not able to sell the plots and eventually they have come up with one single Insolvency Petition jointly by both of them as they have some properties owned jointly by both. But the registry has refused to number the same stating that they have to file 2 separate IPs and not on IP joinly. Is that correct ? Is there any ruling permitting both of them to file one single IP joinlty ?

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adv.bharat @ PUNE (Expert) 15 December 2016
You can ask the registrar for reason or rule since both jointly can file single IP as both have ownership.

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Guest (Expert) 15 December 2016
Even If they Own Some Property Jointly the Lenders Would be Different and Obviously the Borrowers are also Different.They Could surrender the Jointly Owned Property separately Mentioning the Facts in their IP.The Honorable Court Section is Right in Asking to File Two Separate IP>

Rajendra K Goyal (Expert) 15 December 2016
Registry is right, petition need to be filed separately.

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