Joseph Anthony (Propritor) 11 November 2009

Dispute on partnership act

I am one of the partners of a firm registered in 1972 it has in all 4 partners. After registration a property was purchased in the name of the firm represented by the then managing partner.Co was functioned only for a couple of years.All partners relocated to diff places. In 2004 I came to know that the MD taken advance against the prop without any consent of the other 3 partners.offering a sale to the party and buiyer has filed a case against the firm. In 2008 I have asked for impeed me in the case.the buyer wated to possess the land in between one of the partners claims that the co has been dissiolved in 1994 as per my records i have not received any compensation for the dissolution.He also claims that all partners have sngd on a white paper agreeing mutual setlement.what can i do to get my settlement as the only asset is the land and can i claim my share please advise.

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5 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh) 11 November 2009

First become a party in the ongoing suit by filing an application under 1 rule 10 of cpc. then file another suit against all 3 partners seeking Rendition of accounts.

Anil Agrawal (Retired) 12 November 2009

Is sleeping partner defined in the Indian Partnership Act? If not, from where this word has come to be imported and used? Does it have legal sanction?

Anil Agrawal (Retired) 15 November 2009

Also Managing Partner.

Daksh (Student) 24 February 2010

Mr.Anil Agarwal,

Neither Mr.Joseph Anthony has reproduced the terms of the Partnership Deed nor he has stated that either of the partners were sleeping partners as such there is no occasion to put our words of sleeping partner or managing partner in his mouth.

Best Regards

Daksh