Partners asking for amount agreed upon despite loss
20-Aug-2023 (In Cheque Bounce Law)
We have started business 3 years back with 4 partners, where 2 partners invested 7 lac as capital and from the other 2 partners one provided guarantee cheques. Where from the profit the invested amount + 2% interest will be taken back first. But the business did not run well and we could not make any profit. We filled a loss return from last 2 years. Now the the partners who have invested the capital are demanding the capital + interest from the partner who has provided the guarantee cheques. Can you help me what are the consequence if they deposit the cheque and it is returned for no balance and what can be done to resolve the case?
Dear client.
as you said , whether business was carried by MOU or what? if the cheque is deposited and returned as dishonoured then the S.138 and 142 of N.I. Act will be attracted. and criminal case may be filed. so firstly it need to verify that whether there is MOU and if it is, then what it says.
as you said , whether business was carried by MOU or what? if the cheque is deposited and returned as dishonoured then the S.138 and 142 of N.I. Act will be attracted. and criminal case may be filed. so firstly it need to verify that whether there is MOU and if it is, then what it says.
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