Legal Question in Business Law in India

partnership deed

three people enter into partnership a,b,c, a puts plot for development into the common hotchpotch of the company b,c have to make an investment for the development. deed five yrs old,no books of accounts, bank accounts, no transactions whatsoever, no investments made by b,c and the state of plot remains as it is . deed only in true copy, no original.

Will this deed stand in the court of law, will b,c can claim their share in the plot, pl. advice


Asked on 7/27/01, 10:06 am

2 Answers from Attorneys
Jayaraj K.P. lawyers.com

Re: partnership deed

AS PER THE INDIAN PARTNERSHIP ACT,A FIRM HAS TO BE REGISTERED UNDER THE ACT FOR IT TO BE RECOGNIZED AS SUCH BEFORE A COURT OF LAW.IF THE FIRM IS NOT REGISTERED A SUIT WILL NOT LIE BY OR AGAINST THE FIRM .BUT THERE IS ONE EXCEPTION WHICH IS, THAT IF THE SUIT IS ONE FOR DISSOLUTION AND SETTLEMENT OF ACCOUNTS BETWEEN THE PARTNERS A UIT WILL LIE.BUT IN THIS CASE THERE IS NO CONCRETE EVIDENCE TO ESTABLISH THE EXISTANCE OF THE FIRM.IF THERE IS A MBLE EVIDENCE THE ABOVE TRUE COPY CAN BE TAKEN IN EVIDENCE.

AT THE OUT SET I FEEL THAT A SUIT AS MENTIONED ABOVE WILL NOT LIE.

JAYARAJ

Read more
Answered on 7/27/01, 9:57 pm
Umesh Bhagwat Bhagwat&Co.

Re: partnership deed

if B&C have not put in their share of investment according to the terms of

the deed,then that agreement stands revoked and they cannot claim any share

in the plot.I suggest that you should send them a notice to that effect.

Regards

Umesh Bhagwat

Read more
Answered on 7/27/01, 11:05 pm


Related Questions & Answers

More Business Law questions and answers in India