Is performance of contract a must?
20-Dec-2023 (In International Law Law)
We are an LLP exporting fruits products from India. This year we are almost in the verge of bankruptcy. Buyers from UK, USA, UAE had booked orders for supply of mango fruit. Among them, the buyer from USA had paid fully. We now informed to them our current financial status. The buyer from USA is insisting to perform the contract or return the payment they have made with interest. They have not identified the goods which one/lot they want in terms of size and quality. Is performance of contract a must? At the moment I do not have money to repay as an alternative.
The buyer at USA has every right to ask for specific performance. He is in eyes of law “owner in common” of the bulk. He need not ascertain the goods ( which you have termed identified). Either you have to perform or repay. Even when you wish to go for insolvency, he is treated as ‘unsecured creditor’ in the list of creditors.
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