Legal Question in Business Law in India

My husband and my father in law has started a partnership company, by taking loan against property. The paper submitted for the mortgage was my father in-law�s land but construction was done on my mother in law�s property. (my brother in law�s company is running on my father in law�s land).

But my father in law does not work in the company only me and my husband is working and drawing the salary of 5 thousand only. We are repaying the interest component till date, but not able to repay the loan this time. So my father in law said that this time he will repay the loan component. But a day before the last date of loan payment he denied for the same and ask us to leave his premises and said that he want to dissolve this company.

My husband and myself has invested huge amount of money in the system and our 5 years of life.

My question is as the land on which this company is built is not under mortgage, but the other land is mortgage. Is there any case of fraud could be registered against my father in law?

Secondly as this place in not mortgage can we continue our company if he want to dissolve the partnership?

Do we have any right or and advantage?

we really does not have any money to go or start any other thing.


Asked on 8/01/10, 8:09 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

it all depends upon your partnership deed. i suggest you to send the partnership deed and after going through the contents of the same, i may suggest you ways to improve your financial status without harming the reputation of your relatives.

Read more
Answered on 8/03/10, 12:09 am


Related Questions & Answers

More Business Law questions and answers in India