X is a registered firm formed in 1980 with 14 partners of whom some are me and my family members. The firm purchased immovable property in 1985 via a registered sale deed listing the firm name and all the 14 partners names in the sale deed.
Subsequently, there were changes to the constitution of the firm in 1985, 1990, 1993 and 1996 with incoming and outgoing partners. All of these re-constituted deeds were executed on stamp paper but they were not registered nor were the changes in constitution informed to the Registrar of Firms. The firm today contains only 5 partners.
In 1993, when my family consisting of 5 members retired, there were 13 partners in total and the retirement deed describes the immovable assets that will be released to us by a Release Deed at the cost of the continuing firm. We have been in physical possession and paying property tax for the same ever since that year.(My father floated an unregistered firm called Y and somehow managed to get that name into the property tax receipts from 1993 onwards without submitting any documents) The where-abouts of the partners who have retired so far are not known. For this reason, I cannot update the changes at the Registrar of Firms either.
The said Release deed has never been executed. I and my family need a valid partition executed with the firm X to claim proper ownership. The existing members of firm X are putting off the work on one pretext or the other. I am being told that the only resolution is to go to court. What should I be doing now? Can I claim by adverse possession? Can I file a suit for specific performance based on the 1993 dissolution deed where my family retired and we took physical possession? Should I file a declaratory suit for title? What can be done about the other partners who are not traceable now? It's years since they retired and have never come back to claim any interest in the property. Are they barred from doing so since so many years have passed by? What will be the court fees for a declaration suit? Is it a percentage of 75% of present market value? This is in AP state. Please advise.
Thanks.
