Legal opinion on cgtmse scheme---urg

Querist : Anonymous (Querist) 05 November 2011 This query is : Resolved
We had applied under cgtmse to nationalized bank the bank approved the loan and under scheme sanctioned a T.L -12 Lac and W.C- 5 Lac . Now a year and 4 mths have passed one of my partner is missing or absconding (out of Three). About 5 Lacs and the complete Sales is with him. As we got in touch with his relatives they said he was seen in his native place and even one of his friend had met him. ( he does not have a family i.e wife or children has a estranged brother and relatives) Now we are short of funds don’t have the market for the end product. So, how do we conclude this issue w.r.t bank and the missing person. Please give us a soln or a person who could resolve this situation.
location -- Mumbai
my email id--- manjhesrp@gmail.com

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ajay sethi (Expert) 05 November 2011
since your partner has absconded with funds of Rs. 5 lakhs the firm will have to file criminal complaint against him for cheating , criminal breach of trust .

the firm continues to be liable to bank for acts of the absconding partner and firm will hav eto pay the bank dues .

contact a local lawyer

prabhakar singh (Expert) 05 November 2011
A partnership firm creates unlimited liability so not only the firm assets but even personal assets of its partners are liable to wards third parties and this liability is JOINT AS WELL AS SEVERAL so any creditor of firm can realize its dues from any of the partner he finds sound and pay master with his assets.

So being the position of liability of partners in a partnership firm There can not be escape from liability of the Bank's debt.

The defaulter partner is however liable for his act towards firm and other partners in civil law as well as in criminal law.However civil suit can be instituted only when the firm is already registered with registrar of firms of area in which firm is carrying business.If not already registered ,the suit could be filed only after registration is done before filing of the suit.

So better get in touch of a local lawyer dealing in civil and business affirs.

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