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How to file a suit for recovery of share in partnership firm
20-Feb-2023 (In Civil Law)
My father is partner in family huf partnership firm in bangalore which is managed by my uncle in bangalore as my father stays in chennai. My father & his 3 brothers are partners in said firm. The partnership deed isnt registered as we are not sure about deed registration. My uncle in banglore has built up liabilities in the firm by making his wife creditor to the firm diverting firm business to properitoy firm owned by my aunt & making her creditor in the said firm. He has leased out the firm assets (land & building) to my aunt at a negligible amount. He has diverted all company business to my aunts propritorship firm & the partnership firm is bleeding into losses hes debitting each partners a/c towards share in loss.The firm owns 1 acre land in peenya bangalore. The liability is 1.5 crore of my aunt in this firm as shes the main creditor. As per clause in partnership deed incase of litigation no1 can goto court it can be settled by arbitration. How can partners claim share in assets
You have stated that your partnership firm is written one but it remains as an unregistered. According to sec 69(1)&69(2) of the partnership act you can not file a suit before any of the court. But the firm can be dissolved by way of. 1)dissolution by agreement.
2)dissolution by notice.
3)dissolution on the happening of certain contingencies.
So you can act as stated above.
2)dissolution by notice.
3)dissolution on the happening of certain contingencies.
So you can act as stated above.
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Adv. K Prema
Chennai | 200+ Answers
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If the agreement have the arbitration clause then invoke the arbitration proceedings by issuing the notice. In the meanwhile if you believed that the property and business of the partnership firm would looted out your uncle, you may approach the High Court by filing section 9 application for interim stay of the business transaction and other proceedings. If there is no amicable consensus to appoint arbitrator file a section 11 petition before the HCL to appoint an Arbitrator.
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Adv. Selvaperumal
Chennai | 100+ Answers
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