Indian partnership act 1932
Anil Kumar Gupta
(Querist) 07 December 2012
This query is : Resolved
Respected Sir,
Firm "x" registered with Registrar of firms have 4 partners and got loan from bank in the firm name. After 6 months the patners reconstitute the firm and add one more partner. next day of that addition the again reconstitute the partnership firm and two patners got retirement from the firm. Bank a/c in the name of firm became NPA. Fact of recontitution of firm not informed to bank on record but recorded before Registrar of Firms. what are the liabilities of out going partners and incoming partners against bank dues? what action is to be taken by bank to secure its loan amount.
Anil Kumar Gupta
Raj Kumar Makkad
(Expert) 07 December 2012
Anil! The banker is within its right to recover its loan from the mortgaged property as well as from the partners of that time jointly and severally..
Ravikant Soni
(Expert) 08 December 2012
Liability of partners at the time of transaction jointly and severally.
V R SHROFF
(Expert) 08 December 2012
All Partners and firm are liable.
New partner also accept liability as well as asset, on joining the firm .
Raj Kumar Makkad
(Expert) 08 December 2012
The outgoing partners have played fraud by not disclosing their retirement to the banker and the loan was disbursed to the firm on the affirmation of all partners of the firm at that time and may joining partners having no knowledge of the loan taken by firm.
