90+ Lawyers are online 
Builder not paid balance Rs.10 lakh as promised in MOU what to do
10-Dec-2023 (In Property Law)
We purchased a Flat in Goa , Mormugoa 6 years back . Since we were not getting possession the builder agreed to buy back the flat. We signed a MOU with the builder 2 years back . We had already paid 19 lakhs for the flat. In the Mou he has agreed to pay us 30 Lakhs failing he will pay interest at 18% . so far he has paid us 20 lakhs . Balance is 10 lakhs . What our options for recovery of 10 lakhs and interest . Can we go to court . What is the validity of the Mou. What are the chances of recovery ? -
From that facts narrated by you, I am drawing an inference that the MOU mentions about the agreement and delay in getting possession and it also records the dissatisfaction about the terms of agreement for sale of the flat. I am also assuming that payment made of 20 lakhs was in terms of MOU. Considering the above, in my opinion therefore the MOU would be binding on both the parties as a valid contract, which can be enforced under law.
Therefore for recovery of balance amount of 10 lakhs, a suit for recovery of money would lie before the Competent Court having jurisdiction. The chances of recovery would be based on the evidence led in the suit.
This is a prima facie opinion which is solely based on limited facts provided by you, without looking at the documents i.e agreement, MOU etc and without considering the dates of events.
Therefore for recovery of balance amount of 10 lakhs, a suit for recovery of money would lie before the Competent Court having jurisdiction. The chances of recovery would be based on the evidence led in the suit.
This is a prima facie opinion which is solely based on limited facts provided by you, without looking at the documents i.e agreement, MOU etc and without considering the dates of events.
Helpful?
22+
22+
Adv. Salil Saudagar
Goa | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
