Irrevocable GPA
Uma Shankar
(Querist) 14 April 2009
This query is : Resolved
Can irrevocable GPA can be withdrawn particularly in cases where the other party has spent a lot of money in that property?
Y V Vishweshwar Rao
(Expert) 14 April 2009
However as opined by Sri Piravi Perumal the entire matter revolves around the terms of the GPA
The Irrevocble GPA will be executed where the GPA Holder is proposing to invest huge amounts and that investment is charge on the property and GPA rights and obligations will be increasign day by day, by his acts under the GPA and trasactions with others parties , for these reasons only the GPA will be irrevocable, to avoid any problems at later stage !
sanjay singh thakur
(Expert) 14 April 2009
Dear Uma Shankar
I do agree with both the above named colleague yet it is relevant to bear in mind that Irrevocable GPA does not mean that it cannot be revoked by the Executant. However, money spent can validly be taken back bu the Attorney Holder.
Y V Vishweshwar Rao
(Expert) 15 April 2009
I have seen some GPAs with clause -that the GPA is irrevocable even on the death of the Principal and intended to be continued (contrary to law) and the same is binding on the legal heirs /successors etc - please express your view !
Shashikant V. Patil
(Expert) 15 April 2009
Dear Rao saheb,
On the strengh of GPA if you want to transfer any property, and if any one Principal(s)/vendor(s) died, then we cannot transfer the property as in Maharashtra, Sub-registrar office, asking to submit affidavit stating that, all the vedor(s)/Principal(s) are alive. In this case, the transfer/sale cannot be done. Hence again you will have to execute the GPA of legal heirs of deceased. Hence once the person died, his power of attorney also reduced to be invalid. And as far as Uma shankar's matter concern, Irrevocable GPA cannot be simply withdrawn, but it is to be revoked by either party. But in this case, huge money are spent but what about the interest involved to fulfill the obligation by the GPA holder. If obligations are coupled with an interest involved,the same cannot be revoked.
