Dear Friends,
A partnership firm which deals with finance matters sunk into deep financial trouble. The creditors to the firm wanted to withdraw their money deposits and firm could not repay the same. At this juncture some outsiders including representatives of the creditors along with the partners and their wives (two of such wives are not partners) entered into an agreement. As per the agreement a People’s Committee was formed to look after the matters of the firm and to pay debts. For the last five years the said committee is making payments oiut of the income of a Cable TV network now run by the firm and which was run and in the name of one of the partners. The committee members are mismanaging the firm and making payments only to some of the creditors whom are close to them. Now crores of rupees have to be paid back to the creditors and the committee people are not bothered. Creditors to the firm have started to file civil, criminal and consumer cases against the partners of the firm, which crosses hundred in numbers. The said committee is not allowing the partners to enter into the premises of the firm nor they are allowed to have a look of the accounts. Now the partners want to take over the firm and are ready to settle all the claims of the creditors which is denied by the committee members for obvious reasons. What is the remedy? Please advise me.
Shoban Raman.
