The Supreme Court adjudicated upon the legal status of a 2-member partnership firm, when one of the Partners retires, in the case of, Guru Nanak Industries, Faridabad and Ors. vs. Amar Singh (Dead) through L.Rs. MANU/SC/0453/2020, and it was held that:-

“There is a clear distinction between ‘retirement of a partner’ and ‘dissolution of a partnership firm’. On retirement of the partner, the reconstituted firm continues and the retiring partner is to be paid his dues in terms of Section 37 of the Partnership Act. In case of dissolution, accounts have to be settled and distributed as per the mode prescribed in Section 48 of the Partnership Act. When the partners agree to dissolve a partnership, it is a case of dissolution and not retirement.”

For delay in construction and handing over the possession of the premises the following legal remedies can be availed:-

• Commence with a legal notice.
• If there is an arbitration clause in the builder buyer agreement, then arbitration can be invoked.
• Consumer Complaint, under the Consumer Protection Act, either as an individual homebuyer or along with other homebuyers of the same Project.
• RERA is a specialised legislation, providing redressal mechanism for aggrieved homebuyers.
• People seeking refund can approach the NCLT. However, as per the latest amendment to the Insolvency and Bankruptcy Code, 100 buyers or 10% of the allottees of the Project, whichever is lesser, need to file a common petition.
• Civil Suit for recovery and damages