I had entered into an agreeement to sale(ATS) of an immovable prop and paid earnest money of Rs. 80 lacs, the balance amount being Rs 2crores 10lacs (approximately). .. the vendors mentioned in the ATS that 'time is the essence of this contract' and if the balance amount is not paid before 1st of july the earnest money will be forfeited.
Following this there has been some income tax disputes as well and i dont want to enter into the deal anymore to avoid any further scrutiny.
The price of the property in question has also fallen drastically and its only around Rs. 1 crore 50 lacs. I do not want to buy the property and i also wish and hope and pray that i get my earnest money refunded. ( if not in full then a considerable part of it)
Can anyone suggest any legal provisions for the same.
