Sir I had start my transport business with my friend as a partnership firm in the name of SRK cargo & Logistics but after three years we started the business with a new firm name of SRK logistics Pvt. Ltd. And few amounts loans we had borrowed by cheques from some of creditors in the name of SRK Logistics Pvt. Ltd. But after a year some disputes raised between us so with mutual consent we had closed and windup the business and all creditors liabilities accepted to pay in 50-50 preposition with mutually, so one of creditor amount Rs.3.5 lac I accepted to pay 2 lac and rest of 1.5 lac accepted to pay by my partner in witness of some of persons with mutual consent, I have paid 1 lac to said person but my partner not paid any single amount to him so he file a case for recovery in the court against SRK Logistics Pvt. Ltd. And both of us too. We had buy 2 car in the name of SRK cargo & Logistics one was used by me and one was used by my partner, After 2 year he sold his car but I not sold and said car still I am using. Now my ex partner shown my car as a asset of company in the court while this car is name of SRK Cargo & Logistics and case filed on SRK Logistics Pvt. Ltd. , SRK Logistics Pvt. Ltd don’t have any assets. So please let me know court will consider this car as an asset of SRK Logistics Pvt. Ltd. For the recover while this car registered with name of SRK Cargo & Logistics?
Sir we had dismiss partnership firm with mutual cansent and started new firm and i had paid all balance emi of said car at own cost liability is on srk logistics pvt. ltd. not on srk cargo & logistics so still court can seized the said vehicle as considration of libility ?