Fraud in partnership
KHUMESH
(Querist) 13 March 2017
This query is : Resolved
We has started in business with partnership but due to loss in buisness , there has been dispute between us . It was mutually agreed that my partner will release my mortgaged land and then we will be separated . So we have again signed documents for giving request to MPFC that my mortgaged lanbd will be released and another land shall be mortgaged by my Partner but MPFC rejected application and as in good faith I have signed the documents for the release pf term laon of Rs.8.5 Lakhs for which I was never favor . If this is happened and my property is not released then I want to legally take a step for the Stay Order of buisness activity which my partner is doing without consent of me. Can I go for it or there is another way to tackle such situations to stop recurrent loss on buisness.
Guest
(Expert) 13 March 2017
You have not mentioned, how MPFC comes in to picture, when your partner"mutually agreed that your partner will release your mortgaged land?
KHUMESH
(Querist) 13 March 2017
We had taken loan earlier of Rs.25 Lakhs from MPFC and which is not paid for which my land was mortgaged , as per general terms and condition only after repayment of loan the mortgaged property can be released however the loan can be transferred to another property which can be mortgaged to MPFC.
Guest
(Expert) 13 March 2017
Complete details of the case with reference to your documents may have to be examined in detail by some capable expert to help you solve your problem.
However, based on you meager description, if can be pointed out that loan can be swiped against another property, but that all depends upon the discretion of the loan granting authority. The MPFC may not be willing to do a fresh exercise to get evaluation of the new property and to make sure about non-encumbrance of the property.
About stay order on business activity, you may perhaps not succeed without legal dissolution of the firm.
So, it is better to dissolve the firm and arrive at settlement about assets and liabilities and then approach to the MPFC with agreed terms. Still the MPFC may not agree to release your property without foreclosure of loan by making full & final of the payment of dues.
KHUMESH
(Querist) 13 March 2017
Dear Sir,
If I dissolve partnership then I will have no right to deal with partner then all the decision shall be governed by partner . In this case my partner is not willing to release my property because he wants to use my property for aquiring loan again if required . I want to get rid of such business , legally I can put stay order that my partner is doing illegal activities in the firm .
Guest
(Expert) 13 March 2017
Dear Khumesh,
If you go by your own perceptions or the wishes of your friend, you are sure to lose immensely. That is why I have advised you to get all the documents (yours as well as those of the firm) examined in detail by some expert to help you solve your problem.
Solution is always there, but yours is not a matter of such nature that can be solved through replies to mere casual type of queries. For example, no further loan can be taken on the basis of your property without your express willingness. So there are several such issues that have to be taken care of in order to solve your problem, which is not of an ordinary type to be resolved merely by remotely asked casual queries and answers on bits and pieces of the information.
So, if you have some such problem in realty, must consult in person some expert on the business laws.
However, if you have merely an academic question to find solution, you should not expect tutorials from experts for that.
KHUMESH
(Querist) 13 March 2017
Dear Sir,
I am not asking as casual questions ,bur held up in big problem as the partner is in my relation and nobody from their side is ready to solve it.
Clearly speaking for good faith , I have not kept any documents with me , now facing the problem .
I had consulted experts earlier and accordingly with mutual understanding , He will remove the mortgaged property and shall handover so I have signed all the papers with MPFC but it is not happened and property is still under mortgage .
Guest
(Expert) 13 March 2017
I have already stated, big problems cannot be solved without detailed analysis of the documents.
But your insistence to get solved your query in detail at this forum clearly reveals as if it is not your personal problem, but an academic problem. Based on your brief description, I have already provided you with more than adequate guidance. To be frank, I am not interested in imparting tutorials in academic exercises. However, if there is any slightest realty in your case, you may better discuss your problem in detail in person with some senior lawyer.
But, if academic, Mr. Kumar Doab, with fake identity at LCI prefers to solve academic queries. He may be expected to enter the scene any time, You may wait till then.
Rajendra K Goyal
(Expert) 13 March 2017
Property mortgaged to secure a loan may not be released till full loan is paid / lender agree to take another suitable property. Mortgager can not demand the same as matter of right.
Guest
(Expert) 14 March 2017
Usha ji,
Thanks for agreeing with me.
Guest
(Expert) 14 March 2017
Dear Shri Yogen kakde,
Thanks for your appreciation.
