Dear All, Am Mohan Kumar , I and other 3 friends created an unregistered partner ship on 25.11.06, activities of automobile job work. On 01.04.2010, I and Mr.Ravi were existing and other 2partners were retired. In 2012, we had taken debt from Allahabad Bank for a sum of Rs.28,00,000.00 - Secured Loan. On 28.01.2013, I Mohan kumar retired and Admitted a new partner (Vijaya Kumar)in to the partnership firm. (UNREGISTERED) On 31.07.2013, Ravi & Vijayakumar, borrowed TERM LOAN of Rs.34,39,048.00 from M/s.Relaince Capital Limited - Only the Machinery were secured. NOTE: For the Concern on the firm and for the relationship, I (Mohan Kumar) had also signed the loan application , because as i were to the signing power in jointly in banks. The bankers not accepted to remove the signing power, because the firm had borrowed from M/s.ALLAHABAD BANK. (as said above) Mutually, from 01.08.2013 i were not involved in any of the transaction of the firm. On 15.01.17 i received a notice from ARBITRATION Council, for seeking the re-payment for the borrowed sum. Know, my request to our MENTORS OF LAW is, whether I (Mohan Kumar), can fight for jist saying that i were relieved during the loan taken from M/s.Reliance Capital Limited. I kindly, request you to all for the solution. with respects, Mohan Kumar S
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Can Service Tax be claimed from service recipient, by filing a petition. Because, the Recipient seeks that the contract during the work alloted been said all the payments are inclusive of taxes. Hence, to it ST will be receivable by filing a suit. With respects, Mohan Kumar S
It is your own case that you signed the loan application for taking loan from reliance capital as you were the signatory in the bank
2) your name has not been removed as signatory by the bank
3) you would be liable for repayment of loan unless you are able to prove that you had retired as partner from firm , your retirement was duly accepted by the firm and you were not party to the loan agreement entered into by the firm with reliance capital
Mr.Ajay Sethi , By having a Retirement DEED executed on 28.01.13, will be a valid document and the partners of the firm shall give in written & oral statement at the judicial proceedings. Whether, this will help me out from the above issue. With respects, Mohan Kumar S
Deed of retirement is admissible in evidence to prove that you have duly retired as partner of firm and hence not liable for repayment of loan taken by the firm from reliance capital
Dear Sir, Mr.Ajay Sethi, Can i get any similar citations, for the filing of my petition. Because, i had cleared my L.LB at 2016, so that i shall fight for my own case. With respects, Mohan Kumar S
32. Retirement of a partner
A partner may retire-
with the consent of all the other partners,
in accordance with an express agreement by the partners, or
where the partnership is at will, by giving notice in writing to all the other partners of his intention to retire.
A retiring partner may be discharged from any liability to any third party for acts of the firm done before his retirement by an agreement made by him with such third party and the partners of the reconstituted firm, and such agreement may be implied by a course of dealing between such third party and the reconstituted firm after he had knowledge of the retirement.
Notwithstanding the retirement of a partner from a firm, he and the partners continue to be liable as partners to third parties for any act done by any of them which would have been an act of the firm if done before the retirement, until public notice is given of the retirement:
PROVIDED that a retired partner is not liable to any third party who deals with the firm without knowing that he was a partner.
Notices under sub-section (3) may be given by the retired partner or by any partner of the reconstituted firm.
2) under section 32 of partnership act you would not be liable for any acts done after your retirement . I presume public notice was issued of your retirement
3) loan was taken by the firm after your retirement of firm hence you would not be liable
On 15.01.17 i received a notice from ARBITRATION Council, for seeking the re-payment for the borrowed sum.
Know, my request to our MENTORS OF LAW is, whether I (Mohan Kumar), can fight for jist saying that i were relieved during the loan taken from M/s.Reliance Capital Limited.
Since you have retired from the partnership of the firm and have been officially relieved, you do not have any liability in that regard until you personally involved in the loan.
The liability shall be with the current partners only, therefore you can appear before the arbitrator and explain your position in writing and get yourself discharged from the case.
Can Service Tax be claimed from service recipient, by filing a petition. Because, the Recipient seeks that the contract during the work alloted been said all the payments are inclusive of taxes.
Hence, to it ST will be receivable by filing a suit.
The claim for refund of service tax by the service recipient on whatever ground he may do so, if it is within the ambit, then he can move court, if he is not eligible then the court would entertain the petition itself.
The term service inclusive of all taxes may not include service tax.
By having a Retirement DEED executed on 28.01.13, will be a valid document and the partners of the firm shall give in written & oral statement at the judicial proceedings.
Whether, this will help me out from the above issue.
If the existing partners agree and admit that you have been relieved due to your retirement, before the court and produce the documents to that effect in original, then the evidence may be admissible to getting yor discharge from the issue.
Can i get any similar citations, for the filing of my petition. Because, i had cleared my L.LB at 2016, so that i shall fight for my own case.
You can get citations favoring your situation, you may browse on the internet