Legal Question in Business Law in India

me and my partner entered into an agreement for import business. I was pushing on completing the paperwork and licensing procedure first but he insisted that i should invest the money right away and he'd import the goods in the name of his firm which was already in the impex business. so my father who was the financier paid a large sum of money as my partners were our relatives.

After the payment , there were many problems with communication. they had promised that the goods will come to india, and sold withing 2 months and the money will be recovered.

The goods came after a year and half. we were cited many laughable reasons for the delay. Despite of asking again and again we were not provided with any invoice, or any company details ( exporter company), the products were imported in their name, they kept us in dark about everything, and even advertised the product on their firm's name. our partnership agreement has the no compete clause.

Now when we ask for the money, they behave indecently and tell us that they will pay us after the products are sold and what not. Repeatedly failing to meet the deadlines given by themselves! i have whatsapp and text msgs to prove the whole story very clearly. How do i recover my money with interest?


Asked on 2/02/15, 12:43 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.02.2015

Dear Sir / Madam,

It is apparently evident from your query that your father has given a loan to your partner's firm for which you must be having evidence like a receipt / bank statement debit entry if the loan amount was given by Cheque / Pay Qrder / DD from your father's Bank A/c. The opposite party is dilly-dallying and does not seem interested to repay your father's loan. You should give them an ultimatum to repay the loan with interest to your father within a week, failing which you should report the matter to the local Police, With the Police FIR, you can lodge a recovery claim (principal + interest) suit in the Metropolitan Magistrate Court against the partner.

Regards,

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Answered on 2/02/15, 4:19 am


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