• Joint Venture general and critical terms and conditions

Dear Expert Panel of Advocates.  At the outset, I wish to thank all the experts on this forum notably Mr.Ajay Seti, Ashish Davessar & Mr.Pradeep for guiding me on the matter of illegal revocation of gift deed. Filed a caveat and served copy of the caveat to the opp. parties.  Filing of declaration of suit is underway. 

After filing, during pendency period, I wish to go for a joint venture with a builder.  I am planning to give half of the property for JV. I have already briefed the builder the background of the subject property and he has agreed to go ahead.

Now, my questions are:

1)  Since the subject property is on minor names and I am (as natural guardian) what are all the legal steps should I take in case the joint venture takes place.  Do I have to take court's permission for any thing on  this JV? Under whose name the JV should take place.  I am asking this because I do not want any trouble in future either to me or to my minors. Out of 4 minor children, one is major now and employed. 

2) In view of the background of my property and when I engage the builder for a possible JV, what are the legal steps I should take with the builder? What are all the specific terms and conditions I should agree with him.

3)  For filing a declaration of suit to seek null and void of illegal revocation of gift deed can a court accept initial court stamp fee at the time of  filing the suit (say 10% of the total court stamp fee) and pay the balance court stamp fee after disposing off the case.  If yes, do I have to make petition or representation to the court before filing the declaration of suit? 

Expert's opinion is again solicited.

Regards
Syed
Asked 3 years ago in Property Law from Chennai, Tamil Nadu
1)for sale of minor property you need court permission . 

2)as far as clauses in joint venture agreement are concerned time should be essence of contract . builder should complete construction within specific period . take maximum amount up front . aslo take bank gaurantee from builder

3) you have to pay full court fees  at time of filing of suit
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
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suit wont be numbered untill full court fees are paid . it is only in cases where suit is filed by indigent persons that court fee is exempt 

A person shall be deemed to be an
indigent person if he is not possessed of means exceeding one thousand rupees in value,
or where he is possessed of means exceeding one thousand rupees in value the same are
not sufficient to enable him to pay the fees prescribed by law for the plaint.
For the purposes of this definition the means which a person is possessed of shall
be deemed not to include his necessary wearing apparel. Property exempt from
attachment in execution of a decree and the subject-matter of the suit.
An
application for permission to sue, to proceed with a suit or to defend a suit as an indigent
person shall be made by petition, setting out concisely in separate paragraphs the facts
and the relief prayed; such petition shall be presented to the Prothonotary and Senior
Master who shall, on satisfying himself that the provisions of Order XXXIII of the Civil
Procedure Code have been complied with and not otherwise, order it to be interpreted

On such petition being filed in the Office of the
Prothonotary and Senior Master, on the application of an indigent person, a notice
returnable before the Prothonotary and Senior Master, for investigation of the petitioners’
claim that he is an indigent person, shall be issued
Ajay Sethi
Advocate, Mumbai
23328 Answers
1220 Consultations
5.0 on 5.0
1, If the property is registered in the name of a minor then it cannot be sold without the permission of court.

2. You have to incorporate in the JV all the clauses which will safeguard your legal interests in the event of an unforeseen legal dispute with him stemming out of the contractual relationship. Hence, it is imperative that you get the JV drafted by your lawyer. 

3. Court fees is to be paid in full at the time of filing of the case. Unless and until the court fees is paid the case will not be allotted a number and the court for adjudication.
Ashish Davessar
Advocate, Jaipur
18167 Answers
449 Consultations
5.0 on 5.0
Court fees is a source of revenue generation for the government, due to which reason the payment of full court fees is indispensable at the time of filing of the case.
Ashish Davessar
Advocate, Jaipur
18167 Answers
449 Consultations
5.0 on 5.0

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