Bussiness problem Bussiness problem

3 years ago

Since last 30 years my father is having a bussines and being elder person in a family he allowed his brother to work along with him without any on paper aggrement of having him as a partner in his firm though they both dividing the income share.
But from last 1 year my father's brother have moved out of my fathers bussiness and started the same bussiness on his own.. being in a bussiness partnership there were some debts they both had taken jointly but since all of those transactions was in cash so now he is denying to repay his share what should we do ??
I had seeked the person who lended them money and asked him to collect the half of the loan amount from my father's brother as well but now he is forcing my father to repay all of that debt though he was accepting that loan was given on family trust and my father's brother had came to collect the money for bussiness.

Please I request you to guide me a way how I can come out of this debt trap in which my father is stuck. I know my father did a biggest mistake by not doing the legal aggrement with his brother. Please guide me.

Adv. Sarika Khude

Responded 3 years ago

A.You can file a complaint against the brother for cheating and fraud under Sections 415 and 420 IPC.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Anish Palkar

Responded 3 years ago

View All Answers
A.Since all those transactions were in cash and also your father's brother is denying to pay his share , you may also deny to repay. So there is no debt trap in which your father is stuck. There is no need of any such types of legal agreements. Also, as he has opened same business on his own, send that recovery person there.

If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Ayantika Mondal @ Prime Legal

Responded 3 years ago

A.Hi,
File a civil money recovery suit against the brother. In addition, you can file a criminal complaint with the police for cheating and fraud under Sections 415 and 420 IPC.
If you father is unable to repay his debts, then assets from the business will have to be sold to clear them.
If you found this helpful, please rate us.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Anik

Responded 3 years ago

View All Answers
A.Hi,
This is an unfortunate situation. You can file a complaint against the brother for cheating and fraud under Sections 415 and 420 IPC.
If your father is unable to repay the debts, then the company's assets will be liquidated to recover it.
You can file a money recovery suit against his brother.
If you found this helpful, please rate us.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconHarrassment and verbal attack on personal misfortune by Bajaj Finserve TVM
Dear Client, As per the contractual obligation you are bound to repay the loan but the creditors have no right to harass you to recall the amount, there are rules set as per RBI guidelines as to how...
question iconComplaint regarding not refunding fees.
Dear Client, It's essential to communicate clearly with the center about your request for a refund and to provide any necessary documentation, such as receipts or enrollment agreements, to support y...
question iconInsolvency
Dear Client, Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whethe...
question iconHow to get stay order of property possession taken by NBFC
Dear Client, Sub-section (3A) of Section 13 of the SARFAESI Act was introduced by way of an amendment in the year 2004 whereby (3A) the borrower is allowed to make representation or raise an objectio...
question iconPatient Defaulting payment
Dear Client, A trade discount was allowed on the treatment package when the patient agreed with the condition of taking both sessions of treatment. So, in breach of said condition, the patient cannot...