Some partners in a regd firm retired and were given specific properties as their share. Properties were actually not transferred, no registration was done. No stamp duty paid. It happened 13 years ago. Can the retired partner ask for specific performance of the retirement deed? No notice was ever given to the remaining partners. Properties are in physical possession of the retired partners since then.
Secunderabad/Highcourt practice watsapp no.9989324294
senior partners who plan to retire should let the firm know well in advance, so the firm and partner can agree on a transition plan. Failing that, the managing partner should ask senior partners at the appropriate age (perhaps 60) what their retirement plans are. At the very least, you may want your partnership agreement to require that partners must give notice of their intention to retire (subject to exceptions, Maximum notice, such as six months or even one year, is recommended.
It is not a question of planning to retire. They have already signed the retirement deed under which certain properties were given to them but not so far regd in their name. How does the question of intention to retire come here? They have already retired.
The period of limitation for a suit for specific performance of a contract is three years and the time of limitation starts to run from the date fixed for the performance, or, if no such date is fixed, when the plaintiff has notice that performance is refused.
facts are very important in your case.
consult with lawyer with copy of the concerned deed.