Procedure for cancellation of Registered Lease agreement
We had rented our commercial property to a private limited company and registered the lease agreement with the tenant in Oct 2022 (Terms of agreement were 3 months rent free period to carryout the fit outs and rent starts from Jan). The Company managing the property did not provide NOC to the tenant to commence work primarily due to floor layout not being as per the prescribed law combined with few maintenance charges being overdue from the owners which was resolved by paying the same in agreed time. Due to which the tenants have asked for their deposit back by issuing a legal notice to the owners in the pretext of being cheated and not doing good on the agreement. However, the owner did what ever in its power to facilitate the NOC for the tenant. We did have 3 years Lock in and can be cancelled by either sides by giving 4 months notice.
Now my question is , how do I cancel the Registered rent agreement ? And do i have some relief in the loss i have incurred due to this cancellation?
Kindly advise. Thanks!