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Money recovery from partner
13-Jan-2023 (In Recovery Law)
We 4 partners purchased a property in 2004 & sold it in 2012. the amt. which came in our co. a/c (partners combined a/c) was taken by 1 of d partner, as he was in a need to buy a personal property.we gave it in good faith as he promised verbally to return d amt. in 2 to 3 mnths . Now 4 yrs have been passed & he did'nt give it till now. so pls help us . How can we proceed ? where we stand & what's our possibilties.
Suit for recovery has a limitation of 3 years on the date recovery becomes due we may send a legal notice to the partner to see if recovery is possible on this we can opt for criminal proceedings of fraud and criminal breach of trusy
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Adv. Nitish Banka
Delhi | 100+ Answers
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You have already crossed the limitation time to file the case but a lawyer can help u..and your partner is the accused of cheating and your money can be recovered but its will be by procedure and everything can't be explain here and ur information Is also sufficient to explain u here. So u should directly consult any lawyer in detail. Ur money can be recovered by court.
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Adv. Ashutosh Mishra
Delhi | 25+ Answers
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As per law, there was an implied contract by which the other partners including you lend the amount in question to the other partner. As he promised to return and settle the debt within 2-3 months and as now 4 years have passed you by law, are not entitled by law to recover the said amount from your partner as this is barred by condonation of delay. Thus, It is legally not possible to recover the amount from the partner in debt. although for further inquiry consult me in person.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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How was the amount paid?
An in he withdrew through a cheque which was signed by other partners.
What does partnership deed say?
Above questions are to answered in order to enable to form an opinion.
Please get in touch
An in he withdrew through a cheque which was signed by other partners.
What does partnership deed say?
Above questions are to answered in order to enable to form an opinion.
Please get in touch
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Adv. Urfee Haider
Delhi | 200+ Answers
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