We have entered into a redevelopement agreement with an Architect cum developer in 2009 for our society located in south mumbai. He introduced his business partner to us who is also a director with him in his construction company. We have a clause in mou that the developer can not sublet/transfer/sell developement rights to third party/his successors/etc.
The said building was vacated in 2010 by all the members and work started in 2011. At present not even four floors have been costructed out of 19 in total. All the tenants are in transit for four years even though the developer assured us to complete the work in 22 months.
Now the two partners are in despute with each other on financial issues best known to them as all the salable fsi have alredy been sold by them. Due to this the work is stopped completely.
The first part (Architect) informed us that he is backing up from this project and his partner will be continuing the same.
Please advise us on this issue as the two are not willing to take a joint meeting with us. In order to avoid further sufferings of all the members what should we do?