Cancellation of deed of agreement by 1st party

vishal gupta (Querist) 14 October 2011 This query is : Resolved
can builder on alone decision can cancel the deed of agreement of property. 2nd party is ready to pay interest as per terms of agreement but builder is given the letter of cancellation of flat due to late payment. is it possible

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ajay kumar mishra (Expert) 15 October 2011
Mr.Gupta,
Reply of your question fully depend upon the terms of the agreement. If your agreement allow the promoter to cancel the agreement in case of delay payment then he is free to do so but if your agreement allow only to charge interest for delay payment then he can't cancel the agreement.

prabhakar singh (Expert) 15 October 2011
Yes!Mr.Mishra is right.Your question is dependent on terms of agreement.

However you are advised to offer the interest payment for late payment as stipulated in the agreement in reply to his notice.

Advocate Bhartesh goyal (Expert) 15 October 2011
I do agree with experts.

Shailesh Kumar Shah (Expert) 15 October 2011
I also agree with experts.

Advocate M.Bhadra (Expert) 15 October 2011
Violation of terms as per Agreement,one party can cancelled/rescind the Agreement,you may send a legal notice requesting him for enhance the time.

Arun Kumar Bhagat (Expert) 15 October 2011
I endorse the views of Mr.Mishra.

Devajyoti Barman (Expert) 20 October 2011
yES, ANYWAY THE PURCHASER CAN TRY HIS LUCK BY FILING A SUIT FOR SPECIFIC PERFORMANCE OF CONTRACT SPECIALLY WHEN TIME WAS NOT THE ESSENCE OF THE CONTRACT.

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