Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

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?
Sudhir Kumar, Advocate (Expert) 23 September 2015
He has to pay full and can sue other partners for the loss.
Rajendra K Goyal (Expert) 23 September 2015
Partners of the firm have joint and individually personal liability to pay the the debt. He has to pay full liability.
Rajendra K Goyal (Expert) 23 September 2015
Repeated query:

http://www.lawyersclubindia.com/experts/Mony-suit-561791.asp#.VgKt8K6qqko


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :