Lease of partnership property

Radhakrishnan N (Querist) 29 January 2021 This query is : Resolved
Whether a partner can lease out the firm's immovable property without the consent of other party??
If a partner has done this, and lessee failed to vacate even after notice given by other partners, what it the punishment in this case?? If a lease deed signed by one partner (without the signatures of other partners) is treated as forgery or a fake document or a false document?? What is the punishment and compensation for this??

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This discussion explores whether a partner can lease the firm's immovable property without the consent of other partners. It examines the consequences if a lease is unauthorised, the potential for the lease deed to be considered a false document, and the remedies available to the firm and other partners, including seeking legal advice and serving notices.

Guest (Expert) 29 January 2021
A Partner shall Indemnify the Firm for any Loss or Damage caused to it by his Willful Neglect in the Conduct in the business of the Firm. Discuss witl Local Advocate and First Serve Notice to the Concerned Partner and the Tenant.

kavksatyanarayana (Expert) 29 January 2021
First, verify the terms of the partnership deed. In one of the terms/clauses, either the Managing Partner or both partners shall take loans/to mortgage the firm's property to/from private persons or a bank/a financial institution and lease out the firm's property. Hence you shall consult a local advocate with a copy of the partnership deed and other material you have.

P. Venu (Expert) 30 January 2021
Any suggestion depends upon the terms of the partnership and the circumstances as to the leasing of the property.

Dr J C Vashista (Expert) 31 January 2021
Whether the partner was authorised by a resolution to lease out the premises, if not, the case shall be dealt with as "unauthorised" action .

Rajendra K Goyal (Expert) 01 February 2021
Generally any action of one partner is binding on the firm till otherwise specially agreed in the partnership deed.

Action against the partner can be taken within the terms of partnership deed.

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