Dear Members
My friend has entered an unregistered agreement in June 2012 to sell his land for a consideration of Rs 50000 lakhs and the buyer has paid one 5 lakhs has advance and balance on the day of the registration which was 30th September 2012.
The buyer never came on the registration day and has got time stating that he has financial difficulty and need time till November 2012 to complete the registration and never came for registration and stated that he still has financial difficulty.
In the original sale agreement, the specific performance suit clause has been included
Now he says he has difficulty in arranging the payment and need 6 more months time. My friend wants to cancel the agreement but worried about the spefici peformance clause.
The following is the queries
1. How can the buyer legally cancel the original sale agreement ?
2. Will the seller / buyer can file specific performance suit ?
3. The sale agrement is unregistred , is it valid ?
3. What is the remedy / solution for my friend (buyer )?
Kindly advise.
Regards
Siva
