Dear Experts,
We have entered into Lease Deed with the three yrs lock in period with the Owner, now our business is making huge amount of loss and our balance sheet is going in Red.
Therefore we have decided to terminate the Deed, but as per lock calsue, we can not terminate Lease Deed.
We have requested him to do settlement, the reason being we are not doing enough business to sustain in the market, he has stated that we need to follow as per Deed which states if we want to terminate/vacate the peoperty we need to pay remaing lock in period of rent to the him.
But our management is not ready to pay the remaining period rent ( cause it comes in to crore of Rupees) and instruct for the settlement.
We have tired many times to do settlement which never come on positive side. We have paid Rs 10 lacs SD and willing to pay more Rs 10 lacs as a part of settlement. But sitll the owner didnt show his readiness to compromise it and stick to the remaining period rent. which can not be accpetable by us in any case.
To safeguard to the Company what can be done from the legal point of view.
What are the consequances will be arise in the future against the Company.
Thanks for you advises and opinions in advance.
Regards
Umang Shah
