Non Repayment of Loan by Firm
Querist :
Anonymous
(Querist) 23 March 2019
This query is : Resolved
A personal loan in my name was used by the firm in which i am 10% & my husband is 90% partner. Due to some dispute b/w us, the firm has stopped its repayment & i do not have access to the firm's bank account. The loan is also shown in the firm's balance sheets. What is the legal remedy?
Guest
(Expert) 23 March 2019
Only you would be liable for the personal loan in your name.
kavksatyanarayana
(Expert) 23 March 2019
The partnership deed need to be verified. I think the profit or loss be shared in the ration of 90:10. But the loan amount taken by the Firm and hence you both (Partners) have to clear the loan. If the Firm do not repay the loan, then you both (partners) are liable to repay the loan amount. If personal loan taken by your husband then he shall repay the same with interest. For that you are not liable to pay.
Dr J C Vashista
(Expert) 24 March 2019
Whether you are borrower or lender of money in the Company book of accounts ? Clarify.
Whether the company is registered or unregistered and what is there in its liability clause?
Consult a local prudent lawyer for better appreciation of facts/ documents, guidance and proceeding.
Guest
(Expert) 24 March 2019
Irrespective of your dispute with the firm or your husband or whether you have access to firm's bank account or not, legally, the firm is not liable to pay the dues of your personal loan to the bank. You have to pay the dues from your own resources, irrespective of whether you are able to recover or not from the firm.
So far as legal remedy for recovery of your amount from the firm is concerned, no remedy can be suggested in the absence of the information as to what documentary evidence you have in your hands to establish your claim on the firm that the amount was paid by you to the firm and on what account.
Guest
(Expert) 24 March 2019
@ Mr. KAVK Satyanarayana,
It seems, the query has been misinterpreted by you as if loan belongs to the firm. As per the description of the query, the case is about personal loan by one partner, not by the firm. So, no liability of the firm or the other partner of the firm can be fixed in any way for repayment of the personal loan of another partner.
.
Guest
(Expert) 25 March 2019
Dear KAVKS Narayana,
Namaste. That is fine.
What I feel, in response to any question on public forum our effort should be to give reply with reference to the info provided by the querist,
Sudhir Kumar, Advocate
(Expert) 25 March 2019
