Preemption Law
4 years ago
Case:
There was 5 owner cum brothers (equal share) of a Pond.
I bought 1/5th share from one owner in 2009.
Again 2/5th share from two owner was purchased in 2019 in my son's name.
We also wanted to purchase the another 2/5th share from other two owner, we have also talked with them in this regard, but they sold their share to another person (our long time enemy).
I was looking after the pond from last 30 years.
MY QUESTIONS:
1. What is Preemption law?
2. Is Preemption law applicable in case of a Pond?
3. Is there any law/legal way to get back the sold shares of the Pond?
Thanks.
A.Dear Sir,
Pre-emption law applicable to all immovable properties if not get the law enlarged.
Pre-emption law applicable to all immovable properties if not get the law enlarged.
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Shreyash Mohta
Responded 4 years ago
A.Pre-emption law means:
Contractual right under which a party has the first opportunity to buy an asset before it is offered to a third party. Compare with right of first refusal. Also called preemptive right or right of preemption.
You can go to the court and ask the court to make good the sale of such pond to you.
As the pond is an indivisible asset and you have been looking after the same from the past 30 years.
Contractual right under which a party has the first opportunity to buy an asset before it is offered to a third party. Compare with right of first refusal. Also called preemptive right or right of preemption.
You can go to the court and ask the court to make good the sale of such pond to you.
As the pond is an indivisible asset and you have been looking after the same from the past 30 years.
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