Non Cancelable contract

If all the parties agrees for termination, It can be terminated by cancelaation/termination deed and not otherwise except its become void as per the provisions of the Contract Act

Suresh

Writing of irrevocable contract is a very bad idea - There should always be a way out for either of the parties upon happening of any contingency foreseen or unforeseen that is beyond their control.  And in event of any such contingency what should be the way out should have been pre determined.  Now since, you landed in this situation better file a petition in the court for appointment of an Arbitrator and get your problem resolved through the process if they dont come for termination agreement as suggested by my ld., friend Mr. Suresh. 

The party is agreeable to terminate, but the charges they want are very high  ie the entire lease value. Any suggestions how to tackle this?

Thanks , appreciate your feedback

You have bound yourselves in a contract that cannot be terminated.  Your chances are bleak if they takeup legally.  You negotiate with them and try to resolve out of court.

A forfeiture clause in a lease provides that on the breach of certain covenants the lease shall be at an end and the lessor may re-enter. Equity relieved against forfeitures designed to secure the performance of some collateral act. e.g. the payment of rent, when the court could give by way of compensation and that was required. A lessor cannot enforce a proviso for forfeiture and re-entry unless he serves on the lessee a notice specifiying the breach and requiring its remedy, and requiring compensation in money. Breach of a covenant not to deal with or dispose of the land leased formerly operated as a fofeiture, but now the tenant may apply to the court for relief.