Legal Question in Business Law in India

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. Also not signed on the cheques. And it is clearly mentioned in dissolution deed that the company will be run by first partner as propritor. All the consern authorities like sales tax and incometax and exicse were informed.

Asked on 6/27/13, 8:08 am

3 Answers from Attorneys

dear client...

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Answered on 6/27/13, 11:23 am

Fca Prashant Chavan Expert Edge LLP


Dear Sir / Madam,

If the partnership firm itself has been dissolved on the retirement of the partner, and if the sole surviving partner has still issued cheques from the bank A/c which is in the name of the partnership firm, only he / she remains liable to settle that / those cheque(s).


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Answered on 6/27/13, 9:57 pm
Yash Kumar Yash Kumar & Co.

Dear Sir,

After your cessation from the partnership firm you can not be held liable for the acts committed after your cessation.

For further assistance please contact on 08750228171.


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Answered on 6/28/13, 3:46 am

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