Dear all experts,
The Partnership firm of three partners established in 2006, (partnership at will) and registered to registrar of partnership firm immediately. We took a term loan from a Nationalized Bank in 2006. Further in 2010 we decided to sell the property of the firm (originally brought by me) because of losses incurred to us. we (all three partner) signed the consent letter for the bank on 02/07/2010 and also signed a separate dissolving deed with the details like total outstanding of the company, outstanding dues of all vendors ,employees and others including bank, further distribution of Loss and Profit distribution of capital investment, takeover condition etc. Further on 00/09/2010, we submitted said consent letter to bank. On 27/09/2010 buyers of the property pays a agreed amount to the bank through RTGS on company account, and in the same time the third partner does not turn-up, Hence forth the Bank Manager tells us that third partner cancel the said consent letter verbally?
We cannot complete the deal because of the absence of the third partner , we returned the total money to buyer immediately. We put civil suit against third partner asking permission to sale the property of firm. The same suit and appeal u/s 9 of arbitration act is still pending?
Questions rise as follows
1) Dos one partner cancels his consent given on combined letter to bank to liquidate loan without consulting other Two Partner?
2) Dos dissolvations of farm subsequently dissolve the Partnership deed?
3) When dissolvations letter / contract have all the above mentioned details ,dos there is need of arbitration? (the partnership deed is having arbitration clause)
4) We two partners are still repaying the EMI of the bank, how we are able to recover our loss from third partner? ( total three property under liability of bank ,one company office ,second is of my wife as a guarantor and third of third partner)
Raj
