Partnership firm

Querist : Anonymous (Querist) 23 November 2011 This query is : Resolved
Dear sir,I have exit from the partnership firm on 30-11-2008,wherein i was suppose to receive the sum outstanding in six months from date of exit i.e.30-05-2009.I have not received the same till date.I have came to know that any right for recovery will expire in 3 years span.My question and worry is when which date will be accounted as 3 years time bar,a date of partnereship or date of money receivable in six months time,the deed is registered. kindly guide me immediately.

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N. AKSHAY BERI (Expert) 23 November 2011
THREE YEARS WILL BE COUNTED FROM 30-05-2009, BECAUSE IT IS THE DATE WHEN THE CAUSE OF ACTION AROSE WHICH IS THE DATE FOR GIVING YOU FINAL PAYMENT WHICH WAS NOT GIVEN, THUS THREE YEARS WILL BE COUNTED FORM THAT DATE.

Rajeev Kumar (Expert) 23 November 2011
Agree with expert

prabhakar singh (Expert) 23 November 2011
You have rightly heard about three years limitation as bar to realize.

Now coming to counting 03 years in your case would be six months from date counting 06 months from 30.11.2008 would be 30.05.2009.right i agree.Then your limitation is to expired on 29/30th may 2012.you speak the deed is registered.

But i want to ask if partnership firm is also registered or not???

If partnership firm is not registered with
Registrar of firms and in case a need of suit arises the suit in absence of registration shall stand barred by provisions contained in section 69 [ Effect of Non-Registration]of the partnership Act.
Hence insist them to register or move for registration on your own,in case there is no registration i am talking about as it is different from one you are talking about.