Three years ago we wanted to sell our house. We found a buyer who was to take a loan from ICICI. Unfortunately ICICI stated that the paperwork was not appropriate and hence at the time of registration the loan amount though sanctioned might not be actually disbursed. Hence we asked the buyer to shift to a different bank which he was not ready for.
In the meantime, the cooperative society that runs the apartment administration had issued a NOC after taking 50,000 from the buyer. Since the buyer was not ready to shift to a different bank, the whole deal stalled. We had not entered into any kind of agreement at any point of time.
A few months bank the buyer did send us a lawyer notice asking for the registration to be completed within a certain timeframe. Now we want to return this 50,000 back to the buyer and get them out of the way. Can the buyer file any lawsuit against us now? How do we payback the money without him indulging in any kind of litigation.
