Clarification on non payment of interest and remaining amount by buyer


Share of a sawing mill is distributed as A 23% B 23% (my father) C 16% D 38% Person D wanted to buy my father's share and had an agreement to buy it @30lakh. He paid 1lakh advance and paid another 9lakhs in next 7-8 months and promised to pay the rest by Nov 2016, else he will pay the interest along with remaining 20lakhs as per the said agreement. My father had expired last month. Person D is now offering the balance 20lakhs without any interest. Otherwise he is asking the 10lakh rupees back. The said agreement does not have any clause related to what happens if D does not pay the amount. Person A and C r not willing to buy our share as they don't have enough money. I can't sell our share of land to people other than the partners because who owns which portion of land is not mentioned anywhere. What can I do to get the interest amount ? Or Any other idea on how can I sell the property. Note: if the whole mill is sold, price will be minimum 2crore rupees.

Answers (2)


189 votes

The particular clause in the partnership deed between ABCD has to be looked into which takes care of the condition that if any of the partners desires to sell his portion or demises what are the predicaments and consequences, however if such clause allows you to sell to to a third party other than the partners, then the share can be sold irrespective the mill is not divided and demarcated because the undivided interest in the property can always be sold to the other. However about the interest you can immediately ask him to make the balance payment to you and after accepting the same you can make a lawyer's letter demanding the interest as stipulated in the agreement and then you can go for a civil suit claiming the interest thereon and at the same time apply for injunction with respect to the property so that no alienation or sale etc can be done with respect to the property by D, once such injunction is granted, the said D will be at immense pressure and may compromise with you by offering the interest amount, this way many of my clients have got relief. However if he doesn't compromise you will surely get relief in the Civil Court later on. All the best. Regards


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115 votes

Sir,

You have a case of specific performance. Though it seems from your wordings that there are several lacunas in the agreement but some points are needed to be reviewed by me, as an advocate can only point strong points. You may consult me through LawRato for a better suggestion and course of action.

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