Legal Question in Business Law in India
OYO HOMES, is a Hotel Chain Company registerd in New Delhi under the Companies Act 2013. The company hires residential homes, hotel rooms etc and give them to visitors mostly on daily rent. the owners of the rooms are provided with some per cent of their income or a fixed amount irrespective of the income. I am also an owner of a home at kochi, Kerala, India. Now they have declared 'force majeure' from 12th March 2020 due to COVID 19 Pandemic and not paying any revenue to us. True that business is dull. But I want to know whether a company has to get permission in India to declare force majeure from higher authorities ? If the company has sufficient business balance, it can declare force majeure breaking the contractual obligations to its partners.
I request your valuable legalm opinion
Sankara Pillai
1 Answer from Attorneys
Mr. Pillai there must be a force majure clause in the agreement between yourself and the company. By virtue of this clause, you also have ample powers.apart from the company. Go through it, you may succeed in pulling them back
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