My friend started a venture. He wanted investors and hence gave me the project report that he had submitted to the banks for securing loan.
In this project report, i can understand that he holds 15% share and there are another 12 investors holding from 5% to 15% share.
The firm is registered in accordance with partnership firm act.
Since, the project report looked viable, i started investing in the project, by transferring money at different timelines. Once the transferred money
was nearly 15lacs, which was the agreed amount, he gave me a signed document in firm letterpad in which he has indicated that i will be joined as a partner in the
firm on or before May 2018. If not i can encash the 2 cheques which are given as security. (cheques are dated. and amount was wrongly filled only for 14lacs)
He is the managing partner of the firm, and the signing authority for cheques of the firm.
More than the agreed amount whenever he asked for money for rotation, i did transfer.
Summary of the transaction is as below:
1. To firm's current account - 15.75 lacs
2. Cash - 2.5 lacs
3. To his personal account - 1.6 lacs
4. Credit card transactions for him travel - 0.3 lacs
Unfortunately he passed away in accident last week.
Now, i need to recover the money as i dont think other partners will be able run the firm. Mostly they will unwind the firm.
1. Can i initiate a "summary suit" on the firm now itself, or should i wait till may2018. cheques have become void since it is more than 3 months old.
2. I have watsapp messages, where he acknowledges receipt of cash - will this be accepted as a proof
3. For the money that i had transferred to his personal account, credit card transactions for his travel, cash given is the firm liable or should i approach his legal heirs to clear the debt.
4. Is there a possibility of somehow making this criminal case against the firm so that debt recovery can be faster.