Set-off and partnership

This query is : Resolved 
 


Querist : Anonymous (Querist)
28 September 2011

Thank you for timely responses, however please allow me to slightly add meat to the facts. In view of this I have had to repost this query. Please help and thank you in anticipation.

BK Investments and Alphabet Construction enter into a joint venture partnership to construct a dam. The joint venture opened 3 accounts at XYZ Bank. BK Investments had previous (before the partnership) facilities with XYZ Bank and had since defaulted in loan repayment.The Bank has now debited one of the joint venture accounts recover the amount owed by BK Investments.

1.Can BK Investments in its own name sue the Bank for reversal of the transaction?

2. If it can,can the bank successfully defend its action to set off?

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ashok kumar singh (Expert)
28 September 2011

yes, can sue, and bank can defend.

R.Ramachandran (Expert)
28 September 2011

This is not the first time that you are posting this query. Why don't you stick to your original thread and wait for an answer.
If you do not get any answer, in the same thread, make a reminder saying: "Please answer the above query".


raj kumar makkad (Expert)
28 September 2011

I do agree with Ramchandran.

prabhakar singh (Expert)
29 September 2011

But Mr. Ramachandran, we answered his first query,which was general in nature now he says HE IS WITH MEAT
TO HIS FACTS.
DID YOU HAD IT EARLIER TOO.
IN FACT THIS KIND OF SMARTNESS IRRITATES ME.
WHAT KEPT YOU TO WITH HELD THE FACTS EARLIER????.

WHO ARE YOU AFTER ALL ???? A LAWYER OR A ONE FROM COMPANY????

UNLESS YOU DISCLOSE YOUR IDENTITY NOW I CAN NOT ANSWER,THOUGH I HAVE ONE.


Querist : Anonymous (Querist)
30 September 2011

Sorry to have reposted this query, some had complained that the information provided was too scanty and so an answer couldnt be well provided. initially i thought it will be too much to write as a query. my sincere apologies for the repost but i still look forward to your answer. am a law student doing a research in business associations
thank you sirs,

R.Ramachandran (Expert)
30 September 2011

Lo! Aap ko aur koi nahin mila is tharah ki kalpanathmik saval pooch ke samay viyarth karane ka?

Shailesh Kr. Shah (Expert)
30 September 2011

I agree with question of Shri R. Ramachandran.

Dear Law Student,
please read previous thread.you would get.



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