M and A were carrying on the business of commission agents as partners in a firm named MA and Co C M...........

M and A were carrying on the business of commission agents as partners in a firm named MA. and Co. C, M’s son, was admitted to the benefits of the firm as he was a minor. The firm borrowed a sum of Rs. One Lakh from B, but was unable to repay. The firm was, thereupon, dissolved. Subsequently C became major and does not exercise the option not to become a partner. B applies to court and asks to declare all the three insolvent. C pleads minority. But the lawyers have advised C that he is liable up to his capital investment in the firm. Is it a sound advice? Give your advice on the subject.   (10 marks)