Court grants petition for Rs. 9 lakh + 15% interest, payment in 3 installments. The court granted the petition for the principal sum of Rs. 9 lakh with 15% interest per annum from July 5, 2012, until payment. The respondent company ...
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Court grants petition for Rs. 9 lakh + 15% interest, payment in 3 installments.
The court granted the petition for the principal sum of Rs. 9 lakh with 15% interest per annum from July 5, 2012, until payment. The respondent company was given a week to make the payment, with the option to pay in three installments. The petitioner agreed to accept payment through pay orders in three installments, with the last installment due by the end of the third month. Failure to make any installment payment would result in the petition being advertised as directed by the court.
Issues: 1. Claim for refund of advance payment for an immovable property.
Analysis: The petitioner entered into an agreement to purchase an immovable property for Rs.1,90,33,000, paying an advance of Rs. 14 lakh and issuing a cheque for Rs. 36 lakh. The petitioner later decided not to proceed with the purchase, stopped payment on the cheque, and demanded a refund of the advance amount after deduction as per the agreement terms.
Clause 10 of the agreement allowed specific performance if the petitioner wished to obtain the property and the seller failed to perform. Clause 11 stated that if the buyer failed to pay by August 30, 2012, the agreement would be cancelled, and the seller would refund the amount after deducting Rs. 5 lakh as compensation.
The company claimed that the proceedings were premature as the cancellation could only be effective after August 30, 2012. However, the court found this argument dishonest, stating that the petitioner had the right to terminate the agreement before the specified date. The company failed to provide any defense to the claim.
The court admitted the petition for the principal sum of Rs. 9 lakh with 15% interest per annum from July 5, 2012, till payment. The company was given a week to pay the amount; otherwise, the petition would be advertised. The company requested further time for payment, offering to pay in three installments subject to withdrawing criminal proceedings related to the cheque for Rs. 36 lakh.
The petitioner agreed to accept payment through pay orders in three installments, with the last installment due by the end of the third month. Failure to make any installment payment would result in the petition being advertised as directed by the court.
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