Legal Question in Civil Litigation in India

In a construction registered partnership firm, firm is having NA land in corporation limit(7/12 extract is on firm's name) The construction of the building is half completed and all flats are sold and housing loans of all customers are disbursed by 2 banks to the firm.

Now, partnership disputes stopped the work 2 years back, and one of partner is trying to give the property to another developers, without settling bank and customers account.

What is the procedure to set up court receiver to get justice to customers and bank?


Asked on 1/29/13, 8:38 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

29.01.2013

Dear Sir / Madam,

(Mohone / Ambivli, Kalyan)

You may consider the following options :

a) Retirement of the partner(s) creating hurdles / obstacles in the completion of the construction and admission of new partner(s) in the firm to complete the project or;

b) If the firm has given a bank guarantee for completion of the project to its bank and has obtained funding facility from its bank, the firm can sell the entire business on "as is where is" basis and get a new developer to take over all the existing assets and liabilities of the firm with a valuation report of the business.

c) If the Society has already been formed, the Chief Promoter should be asked to look out for an alternative developer to complete the project.

Regards,

FCA Prashant Chavan

Mumbai

(You can also mail me for any further on-line advice at [email protected])

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Answered on 1/29/13, 10:27 am
Jayesh Desai Jayesh Desai

File a suit for Partition and taking accounts, and ask the court to appoint receiver for the interim period to take care of the bank and the various flat buyers.

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Answered on 1/30/13, 3:16 am


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