issue notice to other partners for dissolution of partnership and for rendition of accounts [i assume the partnership is partnership at Will]

if they do not co-operate then you will have to file a suit 

Dear Cleint,

If it is partnership at WILL than can retire by giving notice. Till now only 50% land has been sold, so you can claim 50% of your share or otherwise agreed by other partners to clear your account. Land is transferred in firm so until no dissolution, land will vest in firm only. You can only demand price of land.

If other partners are no disputing your claim than land can be transferred back by firm.

the matter of P. Venkateswarlu v. Lakshmi Narshima Rao, AIR 2002 AP 62,

the court held that in case of dissolution of partnership, firm might be dissolved by any

partner giving notice in writing to all the other partners of his intentions to dissolve the

firm.

2) According to section 43 of the Indian Partnership Act, 1932:

1. “Where the partnership is at will the firm may be dissolved by any partner

giving notice to all the other partners of his intention to dissolve the firm.”

2. “The firm is dissolved as form the date mentioned in the notice as the date of

dissolution or, if no date is so mentioned, as from the date of communication of the

notice.”

3)The Supreme Court observed that under section 43(2), notice must contain the date from

which the firm will be dissolved

4)if no notice is issued section 43 of partnership act then partner can also move court seeking dissolution of firm and for taking of accounts under order 20 Rule 15 of CPC

5) in absence of dissolution clause provisions of the Act shall apply,

it cannot be said that a partner of the firm is not entitled to ask for dissolution of the firm

and that only course open him is to retire as provided by another clause in the deed

It will be distributed in the percentage of the partnership firm only. You can walk away by taking your share from the partnership

See you have to give notice to your partners that you are exiting the partnership firm if on notice they fail to give your share you have to file a suit for same to seek the share in partnership.firm.

In suit you can call accounts of the firm and other documents on record.

First find out how much amount gathered in way of selling 50% plots. Also find out amount spent for development and necessary approvals. in the profit, demand 1/5 th share. also unsold land, take 1/5th share and move out.

Hello, 

Send a notice to other partners to take your share in the property. 

if other partners are willing to take the partnership forward then they will pay you your share. 

If the y do not respond then take the matter to arbitration if there is an arbitration clause in the partnership deed otherwise file a civil suit in the court. 

Regards 

You can retire or resign from the partnership firm by giving a notice to the firm.

You can seek your share in the property along with the profits which the firm achieved so far. 

Partners decide to leave a business for a variety of reasons, including retirement, divorce, disputes and other circumstances. In a general partnership, when a partner decides to leave, the partnership is dissolved. ... A buy-sell agreement allows the remaining partners to buy the ownership rights of the departing partner.

To withdraw from partnership, you need to execute deed of dissolution of Partnership and exit agreement. Unlike, companies and LLP, partners of partnership does not enjoy limited liability and hence it is advisable to execute all documents properly before exiting/withdrawing from partnership.

Section 43 in The Indian Partnership Act, 1932. (1) Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm.

There are two ways by which you can get your share from the land.

One is by mutual consent of partners they transfer the land equivalent to your share on your name.

Or you have to apply for dissolution of partnership  through court 

Dissolution by Court. If any of thepartners becomes mentally unstable or misbehaves with the otherpartner(s) or doesn't abide by the clauses of the agreement, the otherpartner(s) may file a case in the court to dissolve the firm. But a court candissolve the firm only if it is registered with the registrar of firms

Then the assets will be divided according to