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We started a business with 4 partners and took a personal loan of 40 lakhs in the names of two partners. Now, due to various reasons, the business incurred a total loss. We are asking for equal shares of 10 lakhs each, but the other two partners are not responding properly, and they have lied a lot. Many disputes have arisen. We have obtained signatures on a Rs. 1000 bond paper stating that they should provide 30 lakhs to us, and we have also notarized it. Additionally, we have obtained signatures on an On-Demand Promissory Note and one blank check signed by one of the partners, which is enclosed with the bond paper. They are saying, "Do whatever you want; we will not provide the money." What can we do with these documents, and what is the next procedure for recovering our money?
You can file a legal suit for recovery of the 30 lakhs based on the documents you have, including the bond paper, promissory note, and check. These documents serve as valid proof of the debt. The next step is sending a legal notice and then approaching the court if they refuse to pay. For further legal assistance contact us on our helpline number.