Sold preschool business and franchise is not honoring agreed payment
27-Jun-2023 (In Cheque Bounce Law)
Hi, I have sold my preschool business to my franchisee in Jan 2020. They have given me post dated cheques with 12 months instalments as payment. I have the cheques and mutually signed term sheet with me. However rental lease documents is still registered by my name. All three parties, franchisee, owner and myself have exchanged emails as an MoU stating franchisee will take care of the rental going forward and lease transfer will be done within three months.
However due to lockdown and Corona, franchise is not paying rents to the owner and has given an option of rental waiver or vacating the property. In this situation they are trying to drag me and have sent me notice to either make the owner agree for reduced rental (and rental waiver for lockdown period) or pay branch shifting fees of 10-12 lakh rupees.
I need legal advise on what my options will look like.
hi
since you have sold your preschool business to your franchisee, he alone is liable to bear the cost of rentals and other expenses.
also emails on MOU between you, your franchisee and owner are admissible as evidence in court. please issue reply notices to your franchisee and mark a copy to land lord
since you have sold your preschool business to your franchisee, he alone is liable to bear the cost of rentals and other expenses.
also emails on MOU between you, your franchisee and owner are admissible as evidence in court. please issue reply notices to your franchisee and mark a copy to land lord
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