LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Suri.Sravan Kumar (senior)     28 August 2016

How to revoke the agreement

A&B (husband& wife) jointly owned 14 acres of agricultural  land and they decided to give it to a developer to develop the land by making layouts in the ratio of 65:35. The developer consists of individual persons X&Y and not a firm or a Company. A&B entered into Development agreement cum Irrevocable GPA with possession and X paid token amount as consideration and the balance in 45 days. The Deed is not yet regd but it was signed. Y did not contribute anything. Now A&B wants to revoke the Development agreement with X&Y.. Now the qstn is whether the said agreement can be revoked if so how and what ground?2. will the transaction attracts Binami Transaction Prohibition amendment Act 2015 as Y did not contribute any amount.3. whether entering into development agreement with 2 individual persons is valid in the eye or not.? The property is situated in Telengana State.



Learning

 3 Replies

adv.bharat @ PUNE (Lawyer)     28 August 2016

Sir

As per contract act 1932 the party must be competant and major.

That agreement can be revoke at any time without reason also. If u want then u can  revoke the agreement u need to explain what is the reason for cancellation of it.

U can make the agreemnt withindividual or firm or company.

If deed is not registered then no provision of benami transaction apply to ur agrrment.

If u like my suggesation then  give THANK on my LCI profile.

Agastya   29 August 2016

It's 14 acres of agricultural land. So it can't be very valuable. Maybe 1-2 crores max. It is benami and all that. But frankly Tax dept. gives less priority to agricultural land. And here you are anyway cancelling the project. So nobody will bother. If you have given a receipt for the cash or cheque you got from X then return same amount and by same method of cash or cheque and get his receipt. Whether Y contributed or not is not known to you. Maybe X and Y have another agreement within themselves. Nobody knows. If X and Y names are mentioned then your agreement is with both. You can cancel this if there is some performance clause in it. Example is that X and Y have to begin construction within some date. If you want to cancel because someone else offered more money then invent some medical reason and plead for cancellation. If that is not working then Arrange some money and offer them little bit extra over what they paid. Make a new cancellation agreement and register it compulsorily. Else it has no value.

Agastya   29 August 2016

If this is simply that you feel you sold for very less then have a meeting with X and Y. Request some more money. 99% they will give a few more lakhs. Make new agreement and register that. It will help if you know some common person either rich person or politician to act as mediator. Else if courts get involved for whatever reason it is an unwanted headache for all.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register