hello
this is a very useful site. i have few questions one by one. at 2003, november one person (say S)approached me with another person (say A) to start a business. we 3 partners started a partnership for equal share of profit and loss. now, person S's father was a moneylender whoo didnot have any license then (we do not know whether he has proper license till now or not !). Person A was a marketing guy of this partnership and introduced a false project to our company (later we knew that). Also, he insisted to take a loan from his father named mr. X for this project. Now, we accept this loan of 1lakh, 50,000 and another 50000 in total 6 months and the loans were taken by 3 cheques in the name of the partnership company. for first 6 months we have paid back to mr. X (father of person S) over 15000. Now when we, (me and A) got to know that the project was false, we stopped payment to mr. X. Now, at 2007 June, Mr. X filed a suit against the company and 3 of the partners, one of the partner mr. S is his son. Mr. X written in the case file, -" the plaintiff states that the said loan was given on a friendly basis and out of love and affection. the plaintiff did not ask for any document and/or security." also, mr. X mentioned that our partnership firm is an unregistered partnership, which is wrong.
also, i put an amount of money (2,16,000) at the same partnership at 2005., which was never recovered
the partnership was closed at 2009. the case filed at 2007, june. from Mr. X we took the first loan (1lakh) at april,2004. the last loan (50000) was taken at september,2004.
i want to know, is this case valid as his son is involved ? when he lend the money, he didn't have any license, can it be useful to us ? if yes, how ? and which are mr. X 's loopholes ?
if you want to know anymore info, will send. waiting for your reply.
thank you.
