Part IX of the Companies Act, 1956 is a unique provision enabling business reorganisation. The Finance Minister, in his budget speech, has emphasized the need for facilitating restructuring. At this point of time, it is appropriate to look at the existing provisions of the Companies Act, 1956 that enable big firms to corporatise themselves so that other methods of restructuring becomes possible with respect to such firms also. The uniqueness of Part IX lies in the provisions relating to the capacity of even a majority of partners to get their firm registered under the Companies Act, 1956, the protection afforded by Part IX of Act to persons and properties of individual partners of a firm and the automatic vesting of the properties of the firm in the company that is formed under Part IX. Introduction Even before the coming into force of the Companies Act, 1956, (the Act), there were provisions for registration of unincorporated bodies of cer ....