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Q.My partner is denied to give me my profit

Q. My partner is denied to give me my profit

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posted 8 months ago

Hello I was doing business with my one partner we have unregistered partnership deed. After business continues there is some dispute between us so my partner freeze bank debit so now we have dissolved firm and also signed dissolution deed on that we have settled of all assets except bank. On deed we have also mentioned that there is 450000 in our bank account also mention account number and branch detail. After dissolution deed my partner is denied to go bank to remove unfreeze account he thinks he will ate all bank balance but we have mentioned in dissolution deed this much amount is available in bank and this much distribution to each partner. So can I go bank directly and show them deed that give me this much amount as mention in deed or can I sue on him? Both deed partnership and dissolution is unregistered

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A. You can file a suit in a civil court asking the court to direct the other partner to act as per the dissolution agreement. The non-registration of partnership does not matter. It is a bit tricky to get a stay on withdrawal of Bank funds till disposal of the suit.

Prabhakara S K Shetty

Experience: 19 Year(s)

Responded 8 months ago

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A. Dear Sir,
The profits and losses are shared between partners as per partnership deed.
If the same is not shared then you may take legal recourse.

Vedant Lakhotia

Experience: 3 Year(s)

Responded 8 months ago

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