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Getting rid of Business Partner by keeping the company intact


14-Jul-2024 (In Corporate Law)
I and Mr. Das are partners of a construction business, the partnership agreement was not registered but was notarised. I invested invested 100% and my partner did not invest any money, which he promised to invest, in turn, he is asking for the share of money as he needs more money, I have already given him 11 lakhs in 3 years from our jointly operated current account. He has intimated to the bank manager to debit freeze the account. Now I am unable to pay supplier's and labour contractor's due
Answers (1)

Answer #1
541 votes
Bank cannot debit freeze or anyway freeze the account without any specific Court order. it's a deficiency on the part of the bank. RBI specifically says that no bank can frozen bank account unless the customer deny to disclose kyc or if there is any court order. legal demand notice must issue to bank. on the other hand you a defamation notice can be issued to Mr. Das.
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