Cancellation of gpa and spa
Mohan Talwar
(Querist) 11 May 2015
This query is : Resolved
I had sold my 50% share in a property to co-owner for 33 lacs in 2005. A joint Home loan of 25 lacs was taken in which my share was 14 lacs. The co-owner paid me 19 lacs and said that he will repay the outstanding loan to bank in EMIs. No sale deed was signed or registered but only a receipt of 19 lacs was signed by me and gave him GPA and SPA. He also committed that after two years he will takeover complete loan and remove my name from loan. Now after ten years he has not done so and the loan of 25 lacs is shown in my liabilities in CIBIL. He has also not sold or transferred the property till date and it is shown in my name in records. Now after repeated unsuccessful requests, i want to cancel the GPA and SPA and stake claim on my 50% share. Is it possible in law?
Devajyoti Barman
(Expert) 11 May 2015
yES, YOU CAN DO SO BUT I regret in that event you have return the money he has paid to you so far.
Rajendra K Goyal
(Expert) 12 May 2015
You can cancel the GPA and SPA. Be prepared for long litigation, if no amicable settlement arrived.
Mohan Talwar
(Querist) 12 May 2015
Thanks friends for prompt reply.
T. Kalaiselvan, Advocate 
(Expert) 12 May 2015
Agreed with the experts, that you can cancel the GPA or SPA now but make sure that you repay the amount with interest.
