Reccovry of advance amount of agreement of villa

Querist : Anonymous (Querist) 30 October 2024 This query is : Resolved
Sir,
1.I had entered an agreement for purchase of villa and paid 5L. as advance and it was drafted by seller.
2. If seller is defaulter then seller has to pay 5L as penalty in addition with advance amount.
3. Sale deed was not successful and I had filed the case at Trail Court.
4.The trail court decree and ordered to pay 5L advance and 5L penalty amount with 12% compound interest till realisation.
5.Seller was stayed at HC. that villa was sold out at lower than my agreement consideration value and why Penalty shall pay.
6.Now almost 10years lapsed. and it's now Final hearing stage. Only Advance amount and court fees has been deposited as per directions.
7.Whether this kind of agreement is no consequences in Indian Law.? Is it true.
since rupee value is almost 3.05 times more based on gold price as standard calculations. And there is no LD clause mentioned and Penalty amount is fixed.
As per SC guidance if penalty amount is fixed than not more than penaltie. Agreement is verified by notary and Trial court admitted and also Judgement order issued.
Regards.

Follow Query

Report Abuse

Quick Summary

This discussion concerns the recovery of an advance payment made for a villa purchase in India. The buyer paid a 5 lakh advance, with a penalty clause for seller default. After the sale deed failed, the buyer took the seller to court. The trial court ordered the return of the advance plus a penalty and interest, but the seller appealed to the High Court. The villa was subsequently sold for less than the agreed price. After 10 years, the case is at its final hearing stage, with only the advance and court fees deposited. The buyer questions the validity of the agreement and the fixed penalty amount under Indian law, especially considering the devaluation of currency over time.

T. Kalaiselvan, Advocate (Expert) 30 October 2024
You have already got the judgment in your favor through the trial court.
As the defendant has approached the appellate court with an appeal you may have to wait for the appellate court to dispose the case.
The defendant has rights to prefer an appeal against the aggrieved judgment, hence better don't think it from your angle alone, you have to follow the procedures of law once you have approached court of law for remedy

P. Venu (Expert) 01 November 2024
If not satisfied with the decree, you had (may be, have) option to file a cross objection.

Querist : Anonymous (Querist) 02 November 2024
How long, victimisation to buyer, already 10years lapsed if Agreement is Notorised.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries