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Author Topic: Dissolution of partnership by Notice  (Read 828 times)

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Offline sgkhari

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Dissolution of partnership by Notice
« on: June 22, 2014, 06:06:33 AM »
Hello Friends.

We formed a partnership firm and it is registered. The partnership is at Will. The partnership has 3 parts called part 1, part 2 and part 3. Part 1 and 2 has two partners in each part and in part 3 there is only one partner. We thought of starting up a manufacturing industry. We signed an agreement that to start with Rs. 3 Lac contributed by 3 parts equally as capital and when and where additional investment required the all partners should contribute. In which part 2 and 3 have paid only Rs. 90,000 and Rs. 70,000 respectively. Part 1 has paid in full. We applied for land in one of the industrial estate promoted by Govt. The authorities allotted land provisionally and asked us to pay Rs X amount. I as a Managing partner repeatedly asking the other partners of part 2 and 3 to bring in investment. I made so many calls and for 3 months nothing came in. With the interest in business We part 1 have arranged the fund and paid to govt to acquire land. Now it went another 45 days. Despite of my best efforts the other partners are yet to bring in the required funding for the project. Even now their mobile phones are keeping silent for my calls.

As we don't hear anything from the partners of the other part, we the part 1 would like to continue the business. Any legal way that we can dissolve/reconstitute this partnership and we run the business.

 I have already sent a notice thru registered post to all the partners to know whether they are interested or not. Also mentioned that if we don't hear anything in 10 days time that may lead to dissolution of partnership. I have yet to receive communication from them. If I don't hear what should I do. Or if any one did not receive the notice and returned how to proceed further.

I appreciate and thank you for your early advice

Thank you.

 

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