Dispute in unregistered partnership firm
Hello Everyone,
Ours is a Partnership Firm,involving 3 Partners. My share is 30% and Other 2 Partners Having 30% and 40% share accordingly. Our Partnership Firm has been alloted an Industrial Plot by the State Industrial Corporation in 2011. After allotment we did paid initial down payment equally( Total : 20 Lakhs and I paid 6.5 lakhs) and we have to pay balance amount in 16 quarterly Installment. After paying down payment there is a dispute amongst us and I was at one end and others 2 partners were on another side. Since Bank account operation mode was decided any 2 partners jointly , to stop others partners from getting unfair advantage I did write to bank and instruct bank to change the bank operation mandate to 3 partners jointly. Other 2 partners oppose it so bank freeze the account. I have just paid initial down payment and after that I did not paid any quarterly installment,While other 2 Partners are paying quarterly Installment regularly ( including my share). Now my query is that, since ours is an Unregistered partnership can other 2 partners remove me from Partnership and take total control of the property . It is written in a Partnership deed that if any dispute arise then it has to be resolved by arbitrator.
Asked 9 years ago in Business Law
Thanks all of you for responding.
1) In my case I am not paying my part of installment while other partners are paying the whole amount of Installment. So if I go for appointment of an arbitrator ,it is likely that judgement will be in favor of opposite party. I don't want to resolve our dispute but just want to protect my interest and want to make sure that they won't oust me from Partnership Firm. What should I do ?
1) We have not mentioned anybody's name as an Arbitrator. What is the procedure of Appointment of Arbitrator.If both the Parties can't decide arbitrator mutually then through which channel Arbitrator can be Appointed.
Asked 9 years ago