Token Money refund
I recently sold my property to another party @ 2 cr 30 l. As the party looked very genuine and sound , we just exchanged email where buyer has confirmed taking house and i have accepted token money of 3 lacs.. Later the buyer paid additional 20 lakhs (by cheque, no written doc) after 20 days and said that he is going to pay additional 5% in another one week . As i was supposed to move out of house by 31st march 2016 (discussed verbally) i immediately went ahead and bought another house and paid all that money as advance to that seller.
In the mean time my buyer started process of getting loan. Buyer also told verbally that bank has told him that he will be getting 90% loan. However after various promises and broken commitments, the buyer couldnt pay even 5 lakhs. His loan application also got rejected from various banks and then in April he got conditional approval(foreclose 4 pre-running loans of 10 laks each) of 2 cr. He then with great difficulty arranged for stamp duty money and now insists on getting the registration done or return his money. He says he cannot pay money of 7 lacs to me first as he dont have money. He will pay that in installments later post registration and is ready to give PDC's. Also as per him he says he has fulfilled conditions as stipulated in sanction letter but has not shared any proof.
Please suggest if i should go for registration, What are the implications it has on me if bank or he does not pay me money due to his condition. secondly , if i insists on getting all conditions to be met before registration and he breaks the deal , is he entitled for it as i have also lost that money to my new house owner since i couldnt pay him due to failed commitments of my buyer. What are the legal implications. please suggest