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I took over a proprietorship firm from one of my Family Friends (name 'X') in jan'2013 and mutually agreed to pay INR 10Lakhs as of goodwill to 'Mr.X' and agreed to be responsible for the firm's debts. I paid him some advance and cleared off all debts at the time of agreement and rest to be paid in 3 months. If I fail, he agreed to return the adv and all the money I have invested in the firm retaining 1Lakh. Unfortunately, Mr.X went abroad in the next month. With belief in him, i didn't make any agreement with him. Even after coming to and after 6 months, he was well and good.Basing on our relationship,

First of all register the agreement under Partnership Act 1932, so that you can claim your rights under the Act.

If you do not register- No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against the firm or any person alleged t...


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