I am a partner in a firm with my brother and mother. The partners dissolved the firm by a Notice of Dissolution addressed to me. They filed a arbitral suit for relief under section 9 of Arbitration and Conciliation Act for appointment of Court REceiver till the arbitral proceedings complete and all the issues are settled. The Single Bench Judge Granted the order for appointment of court receiver to take formal possession and the parties to bid for the agency of Court receiver.
I filed an appeal on the grounds of delays and latches, along with facts being misrepresented. Though my counsel was absent due to sickness, the case was not adjourned on request from my Advocate. Infact, the Appeal was heard without a fair trial.
In the order, the Judge appointed court receiver on 3 objectional assets,i.e., Petrol Pump, Tenancy of third party on land of municipal corporation and Bank Acoount owned by me and my wife used for transactions as the firm's a/c was freezed by partners after Dissolution.
The Objections are:
1. The petrol Pump is an outfit of oil company as per agreement b/w Firm and Oil Company. Hence the tanks and dispensers are assets of oil company. The office bldg. and compound was developed by the oil company prior to the current oil company, hence Office bldg. is not an asset of firm. Since, the oil company is govt undertaking, CAn my son, as a 3rd PArty and a citizen of this country, object to this part of the order before the high court.
2. The tenancy of land of municipal corporation is still in name of my late uncle as per municipal records. The PArtnership deed mentions that the tenancy rights would be shared by Partners. On the basis of this clause of PArtnership Deed and without considering the actual records the Single Bench Judge attached this plot as an asset of the firm and appointed court receiver to this plot. Since the municpal corporation is public property, Can my son as a 3rd party and a citizen of this country, object to this part of the order. Since I am estopped due to my sign in partnership deed, but as a citizen of India I feel that I wrong the General public by not order via objection. Neither do I want to lose business. THough the Rent is being paid on time. So I want my son to file an objection to this point and the previous.
3. The last objection is that the a/c's that have been attached to Court receiver include an a/c which is a joint a/c in my name and my wife's name. By the order, this a/c is an asset of firm and is attached to the court reciver. Can my wife take any legal action/objection as a 3rd party in this same High Court? Is the order binding on her, since she is a third party and her personal asset is being affected? Can she freeze the a/c before formal possession by court receiver takes place to protect her transactions and privacy, and say that no action/transaction/statements/attachements in any form be given or done without her prior permission?
Can the order be held by requesting the Division Bench till the appropriate procedure is foolwed for above objections
Please enlighten me with your advices as this matter is of urgency and action is to be taken before Court REceiver takes formal possession and the order is executed. Also help me with the procedure as action needs to be taken urgently.