we are running a pvt ltd company since 2010,now in march 2015 a foreign firm( i want to keep the name private) has filled and got injunction from using the name of their firm name (the first word of their firm is similar to the 1st word of our firm,ours is a dictionary word,while their's they have added a extra letter to the word,both sound similar)they have 4 pvt ltd company running with the same name in india.
they have filled a inital suit of 20,00,0000/- at delhi (we are in different state) ,we have now changed the name of our firm,and informed them,but they are not accepting to withdraw the case,they said even if they withdraw we have to give their legal lawyers fees(until now they have appered only once while filling the case ,the next date is september 2015) and court fees which as per them is rs 5,00,000/-
we are a small firm,we can't afford paying more than 1,00,000/- to settle the case outside the court,but they do not agree.
now i want to know should i close the pvt ltd company( i and my son are the directors) to avoid attachment of bank account by court decree and start a parnership firm(i and my son will be the partner)
how to do business and also avoid loosing 5 lac or 20 lac whatever the court order may be.