Failure to fulfill contract and handover the Agricultural lands
Acres 9.19 guntas of land is bought from them just before elections in 2014 and the sale deed is executed in my favour from the Farmers(Vendors with whom the Firm has some sale arrangements under payment of advance), but due to change in Government after elections in Telangana, the market has crashed and they could not able to sell the rest of the Venture of around 250 Acres and they could not able to grow crops.
In the meantime the above said lands are under surveillance of local goon and some relatives of the vendor (farmers) due to wrong promises made by the Venture Firm and they are not allowing to take possession of the lands as they claim they have some written promises from the Venture Firm promoters.
The facts of the case:
1. Through Internet search, I found the above Firm who sale Agriculture lands and develop and grow crops and I contacted them for purchase of their Zone Agricultural lands.
2. They promised that the Lands will be directly registered under my name and a Development agreement has been executed for development and for growing Commercial or Medicinal crops in the fields.
3. Highlights of the land development M.O.U entered with the above venture Firm are as given below
a. Development of entire site of the Zone with roads connectivity, providing water facilities for irrigation and common security through fencing etc For which Rs.25000 per acre is adjusted out of the amount paid by me for purchase of Agricultural lands.
b. Commercial /Medicinal crops will be grown under the supervision of experts and the entire cost of growing crops will be borne by the Venture Firm and the yield will be shared 40% to me and the rest to them. In the event of Loss they promised to pay a minimum of Rs.12000 per acre.
As a extra precaution I took letters of undertaking from the main promoters of the above Venture Firm stating that in future any legal / title disputes arises they should settle the disputes at their cost and indemnify me from all legal problems. And in case they fail to resolve the disputes, they stand as guarantors for refund of the total Sale consideration with up to date interest.
As they failed to develop the lands and grow crops, I demanded for refund of entire money from the Venture Firm and from people who have given letters of Undertaking to me. Now even after lapse of 6 months time, they are not able to resolve the dispute stated above Finally in last month they told me that they have settled the above dispute for Rs 8.00 lakhs as compensation payable to the goon and vendor’s relatives for allowing to take possession and for Development of these Agricultural lands. But even after one month, they could not able to pay and settle the dispute till today.
In this Context, what legal recourse I have against the Venture Firm who fail to develop and grow crops and against the persons who have given letters of undertaking to me for refund of entire sale proceeds with Interest.
Pl suggest whether to take legal action, if so how, or is it better to wait till they settle the disputes and handover the lands to me. more