Retrospective effect to loan agreement

sreenath p (Querist) 11 July 2024 This query is : Resolved
Dear Experts,

I have a query regarding the execution of a supplementary agreement. One of my clients executed a loan agreement dated 10.05.2024. Subsequently, during the due diligence process, an error was identified in the original agreement. Is it possible to correct the mistake by executing a supplementary agreement, giving it retrospective effect from the original date of the agreement?

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A client wishes to correct an error in a loan agreement dated 10.05.2024 by executing a supplementary agreement with retrospective effect. Experts suggest that an amendment, rather than a supplementary agreement, can be executed to apply from the original date, provided it's mentioned in the recitals. If the original agreement was a registered deed, a registered rectification deed might be necessary. The discussion also touches upon terminating a license agreement and seeking possession of property.

kavksatyanarayana (Expert) 11 July 2024
Not a supplementary agreement but an amendment to a loan agreement can be executed and will automatically apply to the date of execution of the original document. But you have to mention it in the recitals in the amendment deed.

T. Kalaiselvan, Advocate Online

(Expert) 11 July 2024
If the agreement was entered into by a registered deed then you may have to execute a registered rectification deed to rectify the error.

Advocate Bhartesh goyal (Expert) 12 July 2024
Since your portion ( premises ) is used by your younger brother with your permission without paying any rent so he is not your tenant but a licensee. For getting vacant possession of property first you issue him notice and terminate license and demand vacant possession of premises, if he does not comply with notice then file suit for possession against him also you can claim mesne profits.

P. Venu (Expert) 23 July 2024
Your query is short of material facts.

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