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On behalf of my assessment, my wife signed an MOU dated 05.01.2022 for partnership commencement with a manufacturing firm. As per the MOU, two partners (husband and wife) would invest 2.5 Cr in the firm, and the projected sales would be 5.8 Cr by March '22. To acquire a 10% partnership, 25 lakh was to be paid, and 22.5 lakh was paid. However, the actual investment was only 1.22 Cr, and the sales were less than 1 Cr. Additionally, another partner was added in between. Upon commencement of the partnership deed, they declared a loss in the balance sheet, and our contribution was shown as an unsecured loan. Over the last two years, they have given excuses and new target dates to start production, but there has been no progress. I request advice on recovering the unsecured loan or partnership contribution of 22.5 lakh. I have receipts and cheques as evidence.
Sir, since the partnership was formed based on an MOU and there is a failure to deliver on the agreed terms so you can file a legal claim for breach of contract. You may also consider filing a civil suit for recovery of your money with the help of an expert lawyer who will assist you with the best course of action. For further legal assistance contact us on our helpline number.