Partnership firm
dharven
(Querist) 10 March 2013
This query is : Resolved
if there are three partners in partnership firm and two partners who have 80 % holding in firm and they wish to complete debt of the firm by sell partnership property without third partner for prevent of securisaziton act from bank so, they both partner can do it?can majority partners sell property without minority partner when partnership firm is NPA from bank and bank get symbolic possetion of the property?
prabhakar singh
(Expert) 10 March 2013
You may go back to post this also in the original thread.Be careful.If you will mislead us the result will mislead you.
I shall not even read it unless you post in original thread.
ajay sethi
(Expert) 10 March 2013
no rpoperty cannot be sold by the firm . bank has already taken symbolic posession of property . if at all firm or its partners want to sell the property do it with bank consent with undertaking sale proceeds will be remitted to the bank
ajay sethi
(Expert) 10 March 2013
oops . i did not realise that querist has opened a new post while replying
dharven
(Querist) 10 March 2013
to:-mr. singh
i have posted this full details in original query please give me its reply
Nadeem Qureshi
(Expert) 10 March 2013
Dear Querist
as per your information, the partners can be sold the property if the constitution of partnership firm give permission to do so, otherwise not.
What are the terms and condition mentioned in the constitution of Firm?
Feel Free to Call
prabhakar singh
(Expert) 10 March 2013
If the Bank has not taken over possession under SARFAESiI Act then two partners can execute the sale deed in the name of firm following section 22 of the partnership Act.I mean it is the Name of the partnership firm that would be shown vendor /seller in the deed and two partners shall sign the deed as partners under seal of the Firm.
dharven
(Querist) 11 March 2013
@mr. singh
respected sir,
without one partner out of three partners ,only(there are three partners in firm) two partners can sell property and bank not get possession yet.
Sankaranarayanan
(Expert) 12 March 2013
even the bank not get possession without the consent of other partners no one can sell.
prabhakar singh
(Expert) 12 March 2013
DO NOT MOCK I HAVE GIVEN YOU ALL THAT I HAD WITH ME.
Raj Kumar Makkad
(Expert) 12 March 2013
Nothing to add more in the given replies.
