Happy Birthday 12 April 2022

business partnership

Dear Experts

please guide

1) Me and My Friend invested in the Machine about 12 lakh which came from China
2) 2020 January
3) In March Covid came after that the machine is lying in the workshop
3) Now my partner wants to withdraw from the partnership and wants his money back (invested 50% 6 lakh)

4) I cannot return the return the money as the business didn't start to Corona

5) we don't have any written partnership deal or any other documents

6) I am asking the partner to sell the machine and divide the amount

7) he is asking money and telling me that he gave me money and not to buy the machine

what are my options

regards
rishi

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5 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 12 April 2022

sell the machine and pay to him

Dr J C Vashista (Advocate) 13 April 2022

Settle the issue by mutual consent.

It is not a legal dispute for consideration and obligation of experts on this platform.

G.L.N. Prasad (Retired employee.) 13 April 2022

It is always proper to contact a local advocate and take his guidance in issuing notice asking him not to harass with such calls as the amount as per his knowledge, wish was invested in capital machinery, which can be recovered only after 10 years and as a partner, though orally he has to wait till the machine starts yielding machine. Depending on the reply, strike out a compromise and approach a bank for a loan.