My query is regarding the liability of a Partner (10% share) to repay the bank loan.
Partners A and B having a share of 90% and 10% respectively took a loan of rs. 6 crores from the bank and signed all the necessary loan documents including guarantee documents to repay the loan.Copy of the Partnership deed was also given at the time of loan to the bank( In which it is clealy mentioned that B is having 10% share in the profit and loss of the firm, further he ll be a sleeping partner only and he will not be liable for any liability of the firm including Bank) . Now my first query is
1. Upto what extent B is liable to repay the loan.
a. 10% only
b. no liabilty at all
c. 50% liablity
2. Partner B came to know that the Copy of the partnership deed in connivance with the bank officials was forged and the specific para that B is sleeping partner only and not liable for any liabilty of the firm including bank is deleted, Original copy of the deed is in his possession.
Now apart from initiating criminal action against the partner A and Bank officials, whether he can plead before the court that he has no liablity at all to repay the loan.
Send your response at the earliest please.