Property stands in the name of firm. 1,2,3,4,5,6 & 7 are partners with equal ratio. 3,4,5,6,& 7 are released on his share. 1 & 2 are remaining partners. 1 & 2 make the partition deed equal ratio 50:50. Newly 8th party admitted as a partner. as per ratio 1st 40%, 2nd 40%, 8th 20% and continuing the business. 1st party expired and wrote the WILL of 50% share to his beneficiaries.
Executor, executing the WILL for probate. 8th party shows objection don't probate the WILL. The property stands in name of Firm. subsequently WILL converted into TOS. Then all beneficiaries and 8th party came under compromise. All parties agreed lok adalat compromise. Lokadalat verified and issued a award degree. Till this time the property stands in the name of firm. All parties entered into a new partnership deed.
Now we decided to develop the property. We approached the developer to develop. Developer verified the legalities of the property. Now he raising question LOK ADALAT decree is not enough one, once again to resubmit the WILL for probate. i don't know why they asking to resubmit the WILL for probating. Is it maintainable by law? or any problem for developer to develop the property.
Some Bank institutional not accepted the LOK ADALAT decree to get the Loan. it is True?
