partner

5 years ago

Sir, i and my partner started a business 3yrs back with mine idea and partner invested in condition that he will take his principal with interest till full amount is recovered and then share profit. From the principal 70% amount was used by both the partners to run the business. The business did not go well and we suffered a loss and we filled itr of 2 yrs as losses. The investor partner took guarantee undated cheques from me. Now the business is shut with losses and the investor partner is demanding the entire invested principal with interest.
Please advise what to do and what legal proceeding can the investor partner do.

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Suneel Moudgil

Responded 5 years ago

A.your query lacks some clarifications, though, as per facts available, nothing much to worry,
the only worry is undated cheque

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ROBERT D ROZARIO

Responded 5 years ago

A.Contact me through Vidhikarya for consultation

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SUMSON .T.S

Responded 5 years ago

A.In the query it is not clear that whether the partnership is registered or not.If the partmership is not registered then the partners cannot file case against each other.But there are every chances of misuse of cheques taken as guarantee .please be cautious.and consult a vidhikarya lawyer for taking precaution

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Deepak Yashwantrao Bade

Responded 5 years ago

A.Kindly contact or approach to our vidhikarya lawyers office for proper consultation and advise.

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