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VIMALA ASHOK (professional)     05 November 2009

cancellation of partnership

Two people have entered into a partnership agreement. subsequently they have entered into a joint venture for construction of apartments followed by an execution of POa by the land lord. one of the partner disappears . not traceable. land lady cancels only GPO. The  existing partner purchases the property in his name from the land lord. Land lord not prepared to cancel joint venture agreement. My question is....

1. What is the status of the existing partner?

How can he cancel the partnership agreement in the absence of the other partner?

How to propect his interest in future against the lost partner?

 

Please help and comment



Learning

 1 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh)     05 November 2009

So far as the status of the existing partner is concerned, he is working now as his individual capacity and not as a partner. The partnership firm can be absolved in the absence of another partner in the given circumstances. 


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