Dear Sir,
I have entered into a partnership in the year 1993 with my friend in Delhi who intend to set up a factory there. It was done just on friendship gesture as he was not having financial strength on paper to avail Loan from the financial instituition. As I was staying in kolkata it was not possible to sign up the day to day papers I have given a power of attorney to sign singly to my friend. Anyway after that I have not kept proper track of the business as I was not having any interest. In 2008 I came to know that the unit was taken over by the State financial institution for non payement of dues. The said unit was auctioned and the realisation was also done. As per my knowledge the unit is still having 25Lakhs outstanding. Till today I have not recieved any correspondences from the financial instituition. Now it is query that will I be still liable for the power of attorney I have executed in favour of my friend? Can the financial institution take possesion of my Flat Iam having in Delhi? Can my bank accounts be attached?
I would like to request to suggest me the remedy or legal process by which I can safeguard myself. Awaiting early Reply,
Thanking you,
Yours faithfully,
Paritosh Jha
