Loss in buisness

KHUMESH (Querist) 13 December 2016 This query is : Resolved
Dear Sir,
We had started business with four partners with name of Firm M/s Bajrang Minerals producing Manganese oxide but it was mishandled by partner and now business is in loss, But partner did not want to sell it ,
There is 50 % share with spouse of each , land is the name of my wife , mortgaged property is mine , I want to separate from the firm by selling my share.
As Partner is not ready to compromise at all so I want to sui legal case for the same.
Can I start in following ways:
1. Stay on production activities which is being handled without my consultation .
2. Can I sell my share individually without agreeing by him.
what step should I take
Regards,
K.K.Patle

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Rajendra K Goyal (Expert) 13 December 2016
In partnership, if any partner quit, firm is dissolved.

Issue notice to dissolve the partnership and settle the accounts on a particular date of dissolution.

If the property is mortgaged get the property released by paying the loan from firm, inform the Bank regarding dissolution of the partnership.

Get back the land which is in favor of your spouse.

Rajendra K Goyal (Expert) 13 December 2016
The land is in name of your spouse. You can form new partnership with your wife and continue production / manufacturing.

rajeev sharma (Expert) 13 December 2016
You may file a suit for dissolution of firm u/s 44 of the Partnership Act and in the plaint seek relief for the settlement of firm accounts. But keep in mind that in the event of dissolution of firm the court will first pay the dues of the secured and unsecured creditors out of the sale proceed of the firms assets.On the other hand when you start dissolution suit the bank may start proceedings for realization of its loan so you will have to take bank also in confidence while starting dissolution proceedings.