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Lapsed Regd. Firm-Right to legal recourse?

(Querist) 04 September 2010 This query is : Resolved 
A firm registered in Tamilnadu with the Registrar of Firms. Renewal lapsed for more than 3 years. Firm engaged with money-lending business. Can firm now enjoy special provisions enacted by legislature u/s 138 of Negotiable Instrument Act? Would the debt so arising out of the money-lending by the firm be a 'legally enforceable debt'?
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Devajyoti Barman (Expert) 05 September 2010
Yes it is an enforceable debt but in the event the firm is not registered one it can not sue.

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