This Agreement of Novation is made on this 4th day of June, 2025, by and between:
Mr. Abhay Bansal, son of Mr. Harish Bansal, resident of 123, Green Avenue, New Delhi (hereinafter referred to as “Party of the First Part”),
AND
Mr. Chirag Dutta, son of Mr. Lalit Dutta, resident of 45, Nehru Enclave, New Delhi (hereinafter referred to as “Party of the Second Part”).
WHEREAS:
- Mr. Abhay Bansal and Mr. Chirag Dutta entered into a written agreement dated 1st January, 2024, for the purpose of joint development of a commercial property located at Plot No. 18, Sector 20, Gurugram, Haryana.
- The parties hereto have mutually agreed to substitute the said agreement with this present agreement and to novate the contractual obligations.
NOW THIS AGREEMENT WITNESSES AS FOLLOWS:
- That the previous agreement dated 1st January, 2024, between the parties shall stand terminated with immediate effect.
- That both parties are discharged from all obligations, liabilities, or claims arising under the said agreement.
- That the parties shall henceforth be governed solely by the terms and conditions laid down in this new agreement dated 4th June, 2025.
- That this novation is executed with full consent and understanding of both parties and shall be binding upon them and their respective legal heirs, successors, and assigns.
IN WITNESS WHEREOF, the parties hereto have signed this Novation Agreement on the date and year first above written.
Signed:
Mr. Abhay Bansal
(Party of the First Part)
Mr. Chirag Dutta
(Party of the Second Part)
Witnesses:
- Mr. RAJIV MEHTA, resident of 789, Lakeview Road, Aligarh
- Ms. ANITA SRIVASTAVA, resident of 321, Lotus Enclave, Kurnool