Legal Question in Business Law in India

a loan is taken by frist partner in 2008 after dissolution of second partner in 2007.and issued cheques form the same partnership account. now cheque bounce case is been filled by bankig institution on both the partner what is the liabilty of second partner for this. the dissolution take place in 2007 and loan in taken in 2008. even i as a second partner didnt sign any of bank document for loan and not aware of that even.

no varication is done by bank as a heavy amount of commission is offered

Asked on 6/26/13, 6:43 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP
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27.06.2013

Dear Sir / Madam,

Bank's do not charge more commission than that permissible for transfer of funds to any place within India. Both partner's are liable to settle the bank loan in the ratio of their share in the partnership. You may have not signed the bank loan documents but you surely may have signed cheques prior to the dissolution of the firm.

Regards,

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6/26/13, 7:11 pm

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