Legality of virtual space in real estate


Hello all,

I have come across a case wherein a private registered company, raised money from my client's husband promising them a virtual office. The size and location of the virtual space were disclosed in the MOU. My client's husband paid a number of instalments but passed away before making the complete payment for the said virtual office. My client is now not in a position to pay the remaining amout of consideration.

Can somebody tell me whether a company can offer virtual space as consideration for a payment and if yes, under which provision?

Also, if my client wants to backout and claims refund, how can a virtual office be liquadated?

What is the legal status of virtual space in real estate in India?

Thanks in advance,

Shashank.

 
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