live law consumer Arbitration trust ombudsman

A partnership is formed when two or more persons join together and agree on common grounds to do business and to also share profits and losses. This type of business relationship could be between person to person or business to business and person to business. As per the Indian Partnership Act, the agreement is compulsory and may not be in writing however a written one is more beneficial as it helps in taking legal action if there is a breach of the contract. It is also important for a company to be registered. In the case of the unregistered firm, it cannot sue its partners or other persons. If anyone of the partner breaches the agreement the other partners can take legal action against him. If the business partner is found committing a fraudulent act, which may involve embezzlement or transfer of business assets for his own use; engagement in revealing the intellectual property of the business or stops performing his obligations, legal actions can be taken against him. Things to be d...

On Saturday, Mumbai Sessions Court rejected the plea filed by Akbar Travels of India Pvt Ltd (ATIPL) challenging the closure of a cheating case that they had filed against Jet Airways and its directors Naresh Goyal and his wife Anita. In its detailed order released subsequently, the court has said there was no illegality, impropriety or incorrectness in the order. The court said that the magistrate court had properly quoted material on record and had given proper reasoning. MRA Marg police had filed the closure report in March 2020, after probing the complaint filed by Rajendran Neruparambil, chief financial officer of ATIPL against Jet Airways and the Goyals. Neruparambil had alleged that in 2018-19, Jet Airways owed ATIPL ₹46.05 crore. He further alleged that the Goyals’ had engaged ATIPL in business despite being aware of the financial crisis faced by the airline, which shut operations in April 2019 and had accumulated debt of nearly ₹8,500 crore. After conducting a pr...