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,