Hi all,
Recently i have made an agreement with a builder to buy a independent house worth 30 lakhs and out of which i have paid 5 lakhs during agreement(100 Rs stamp paper) and 2.9 lakhs after some days (simple 2 Rs stamp on white paper). In that agreement it is mentioned that i will pay the remaining amount within 45 days or at the time of registration. The agreement didnot say any thing about cancellation of agreement if i didnot pay within time.
And i already orally mentioned to the builder that i am applying for house loan from LICHFL. But the house loan is getting delayed due to some reasons (festivals and holidays). Now the 45 days tenure is over still i am waiting for the cheque from the LICHFL. Builder is saying he will cancel the agreement as he didnot received remaining money in time.
In this case what is my position leaglly, do the builder have right to cancel the agreement and how he can cancel and is there any chance to explain my point of view for the delay in payment in courts and stop the cancellation of agreement.
Please suggest me here how i should act.
Thanks and Regards,
Naresh
