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The co partners borrowed money from me and are refusing to return the money and are twisting the sto
08-Jun-2023 (In Startup Law)
The co partners borrowed money from me and are refusing to return the money and are twisting the story saying that it is my investment in the company, hence they're not accountable for the money. Please advice. And also I verbally resigned from the company in October 2019 and they promised to return the money to me cause they wanted me to resign but now they're threatening me to rejoin the company and are not willing to repay the amount that they borrowed. What are my legal options here?
Is this a company or a partnership Firm? The procedures would be different so need to know that. In either case, for your loan to be considered as investment, there has to be an understanding in this regard. It can ascertained by the conversations, records, who you transferred amount to etc. to prove that it was a loan and not investment. Once I can know whether you're a company or partnership firm I can advise regarding retirement and your options to recover the money.
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