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TMI Blog2013 (1) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioning-creditor for refund of a part of the advance payment made for procuring an immovable property. 2. The parties entered into an agreement on July 1, 2012 by which the petitioner agreed to purchase the relevant immovable property at a consideration of Rs.1,90,33,000/-. The petitioner claims that she paid a sum of Rs. 14 lakh as advance and also tendered a further cheque for Rs. 36 lakh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment provided as follows :- "11. If the BUYER fails to pay the amount as mentioned in point 3 above to the SELLER within 30th August, 2012, (including grace period of TEN days) then the agreement will be cancelled and the SELLER will refund the entire amount after deducting Rs. 5,00,000/- (Rupees Five Lacs Only) as compensation charges." 4. The petitioner issued a further mail on July 5, 2012 ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the statutory notice and the institution of the present proceedings are premature and the company is not called upon to address the merits of the claim. 7. The stand is utterly dishonest. Clause 11 of the agreement only stipulated the time within which the entire consideration in terms of the agreement was to be paid. Such clause did not disentitle the buyer from terminating the agreement prio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... till payment. If the entire amount, inclusive of interest and costs assessed at 2000 GM is paid over by the company to the petitioner within a week from date, the petition will remain permanently stayed. In default, the petition will be advertised once in The Statesman and once in Bartaman. The advertisements should indicate that the matter will appear before Court on the first available working ..... X X X X Extracts X X X X X X X X Extracts X X X X
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