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X' and 'Y' jointly take a loan, from 'Z' with promise to repay the loan amount with interest within two years. Soon after taking the loan 'X' is declared as an insolvent and remains insolvent till the date of repayment of loan. 'Y' also fails to repay the loan. 'X' on account of his status as insolvent enjoys immunity from legal proceedings. In these circumstances:

X' and 'Y' jointly take a loan, from 'Z' with promise to repay the loan amount with interest within two years. Soon after taking the loan 'X' is declared as an insolvent and remains insolvent till the date of repayment of loan. 'Y' also fails to repay the loan. 'X' on account of his status as insolvent enjoys immunity from legal proceedings. In these circumstances: Correct Answer Z' is entitled in law to sue 'Y' alone for recovery of the entire outstanding amount

Related Questions

Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:
The question below is followed by statements I, II, and III. You have to determine whether the data given in the statement is sufficient for answering the question. You should use the data and your knowledge of Mathematics to choose the best possible answer. The difference between the compound interest and simple interest on a certain sum at a certain rate of interest per annum for two years is 204.20. What is the amount received on the sum of compound interest at the same rate of interest at the end of three years. I. The difference between the compound interest and the simple interest on the sum for three years is 804.258. II. The sum becomes Rs. 14528 at the end of one year. III. The compound interest on the sum for two years is 7% more than the simple interest on the sum for two years.
Priya and khushi invested Rs.3000 together. Priya invested her amount at compound interest for ‘x/10’ years at x% rate interest and khushi invested half of her amount at compound interest and remaining half at simple interest at the same rate of interest for the same time period. [It is given that ‘x/10’ is a natural number] What is the value of ‘x’? Statement I: Ratio of investment of priya and khushi is 1 : 2 respectively and total sum received by them together after a particular time at x% rate of interest is Rs. 4280. Statement II: Simple interest received by khushi is Rs. 40 less than compound interest received by her. Statement III: Sum of simple interest and compound interest received by khushi after a certain time at x% rate of interest is Rs. 2500 Which of the above statement is redundant to find the answer of the given question?
X' and 'Y' have jointly taken a loan from 'Z' with promise to repay the same with interest within two years. The loan is not repaid. 'Z' releases 'X' from liability and institutes a suit for recovery of the entire amount due from 'Y' alone. 'Z' in law is entitled to recover:
Arman wanted to have Tk. 39,200 as interest after 5 years. He has invested an amount in an account for 1 year at 8% interest rate. From the 2nd year, he invested the principal amount in another account offering 10% interest for 3 years. At the beginning of the fifth year he invested the Principal amount in another account at the rate of 11%. What was the principal amount? (assume simple interest rate)
The different variant of Date() constructor to create date object is/are ___________ i. new Date(date) ii. new Date(milliseconds) iii. new Date(date string) iv. new Date(year, month, date)
In a survey conducted over a group of people, it was found that 65% of them have a Facebook account, 40% of them have an Instagram account and 25% of them have a Twitter account. It was also concluded that 20% have an account on both Facebook and Instagram, 12% have an account on both Instagram and Twitter and 14% have an account on both Facebook and Twitter. If 8% of the people had an account on all the three websites, what percentage of the people do not have an account on any of the three websites?
According to Salmond and Winfield, "A promise without consideration is a gift; one made for a consideration is a bargain." However, in the following circumstances a contract without consideration will be perfectly valid
1. An agreement in writing made on account of natural love and affection
2. Contract of Agency
3. Promise to pay a time-barred debt
4. Oral promise made on account of natural love and affection
The following questions have three statements. Study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. A person borrowed some money at compound interest for 2 years. What will be the amount required to return after 2 years? I. If the amount was borrowed at simple interest, then after 4 years Rs. 1000 was required to pay as simple interest. II. The sum of money borrowed is 12 times the amount required to be paid as simple interest after 2 years. III. The rate of interest is 8% per annum.
A man takes a loan of some amount at some rate of simple interest. After three years, the loan amount is doubled and rate of interest is decreased by 2%. After next 5 years, if the total interest paid on the whole is Rs. 13,600, which is equal to the same when the first amount was taken for \(11 \frac 1 3\) years, then the loan taken initially is: