Liability of partner in partnership firm
Shilpadhananjayan
(Querist) 19 March 2014
This query is : Resolved
Few years back my husband was a partner in a partnership firm.the mode of operation was single as all the operation and transaction was handled singly by other partner.the other partner availed unsecured loan from bank as mode of operation was single under firms name.Now the loan has turned into nap and their is hearing on this case in debt recovery tribunal ....I want someone to clarify my doubts on following..
1)My husband didnt signed loan document will he be liable
.
2 how much time does Drt takes to give final decision on this matter
3)What is the time will Drt will give to pay loan
4)Any recourse available to my husband as he was not aware of loan and didn't signed it
5)partnership says that liability of partner is jointly and severally what does that mean.
I would thank if experts in this group can clarify my doubts
ajay sethi
(Expert) 19 March 2014
yes he would be liable for debts of the firm
2 to 3 years for disposal of case .
best option is to arrive at one time settlement with bank . offer to pay dues in installments .
joint and several means all partners of firm re jointly and individually liable for firm debts
Rajendra K Goyal
(Expert) 19 March 2014
1) Yes he is liable. Liability in partnership is joint and several.
2 Depends upon the burden of cases with DRT.
3) Depends upon the DRT. Normally on decision.
4) Agreement with the Bank to pay in installment Or press the other partners to arrange payment.
5) All partners and also individual partner are liable for liability.
Shilpadhananjayan
(Querist) 19 March 2014
Any recourse available as my husband was not aware of loan which was taken in the year 2008
And few days back we came to know after receiving summon from drt
Total loan o/s as on date is 1117526 what is best one time settlement bank can offer
I have heard DRT handle only cases above 10 Lakh,so what if I pay some amount and reduce the claim below 10.lakh to avoid drt
Rajendra K Goyal
(Expert) 19 March 2014
The settlement depends upon the Bank, its policies and many other factors.
Case has been filed with DRT, part payment would not effect jurisdiction.
Shilpadhananjayan
(Querist) 19 March 2014
As we have already consulted bank and denied us for one time settlement.
Does DRT provides an option for one time settlement.
