Mony suit

Guest (Querist) 23 September 2015 This query is : Resolved
Dear Experts,

The bank has initiated a money suit for realisation of Rs.4,75,000/- from the partnership firm that was dissolved 3 years back. One of the partners of the firm, my client, is willing and ready to pay up his share of the debt/liability whereas the other erstwhile partners are unwilling to pay up their respective shares.

My client doesn't want to prolong the matter and wants to just pay his share/part and move on. He admits the Loan, the Statement of Accounts and other documents. Thus, he is not in a denial mode.

Kindly advise as to how I may relieve him of his distress when the other partners are unwilling to settle the matter?

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SAINATH DEVALLA (Expert) 23 September 2015
Being the liability of the partnership firm,whatever he pays as an individual will be adjusted towards interest and other charges by the bank.If U approach the bank they will ask U to pay but the liability will still exist.

Rajendra K Goyal (Expert) 23 September 2015
Repeated query:

http://www.lawyersclubindia.com/experts/Mony-suit-561786.asp

SAINATH DEVALLA (Expert) 23 September 2015
Dear querist, what is UR idea in repeating the query,do U intend to waste the time of the legal experts or test their ability.

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