Statutory Demands Clause Samples

A Statutory Demands clause outlines the process and requirements for issuing a formal demand for payment under applicable insolvency laws. Typically, this clause specifies the conditions under which a creditor may serve a statutory demand on a debtor, such as when a debt remains unpaid for a certain period, and details the form and delivery method required for the demand to be legally valid. Its core practical function is to provide a clear, legally recognized mechanism for creditors to initiate insolvency proceedings if debts are not settled, thereby encouraging prompt payment and offering a pathway to recover outstanding amounts.
Statutory Demands. It is made clear and the Vendee is aware that only the External Development Charges (EDC) and the Infrastructure Development Charges (IDC) has been charged as per the rate levied by the Competent Authority at the time of grant of Licence and Transit Oriented Development Charges (▇▇▇) as per the rate levied by the Competent Authority at the time of grant of approval of revised building plans for allowing benefit of higher FAR in terms of mix land use under ▇▇▇ Zone policy dated 09.02.2016 has been granted by DGTCP vide Memo No. ZP- 170/SD(BS)/2018/6968 dated 26.02.2018 as a part of the BSP and agrees and undertakes any further imposition/levy/charges by whatever name called or in whatever form and with all such conditions imposed, or any increase in External Development Charges (EDC)/ Infrastructure Development Charges (IDC), Goods and Service Tax (GST), Value Added Tax (VAT), Building Cess, Swachh Bharat Cess, Transit Oriented Development Charges (▇▇▇) or levies of such nature on prospective or retrospective basis effective after the date of the provisional allotment by the Government and / or any Governmental Authority (ies) shall be paid by the Vendee on demand to the Company in proportion to the Carpet area/Super area of the Unit. It is also agreed by the Vendee that all such levies/increase may be levied by the Government of Haryana or any other Governmental Authority (ies) on prospective or retrospective basis effective from the date of license of the Said Unit /Said Aarohan Commercial Tower/Said Project. The Vendor makes it clear that if its required to pay such levies, EDC/IDC/▇▇▇, interest and other charges etc. in such prospective /retrospective manner from the date of license ,then the Vendor shall demand ,and the Vendee undertakes to pay the same. The pro-rata demand made by the Vendor to the Vendee with regard to EDC/IDC/▇▇▇/any other levy/charges by whatever name called, and/or increase in EDC/IDC/▇▇▇ shall be final and binding on the Vendee. If the EDC/IDC/▇▇▇ /any other levy/charges by whatever name called, and/or increased EDC/IDC/▇▇▇ is not paid, then the non-payment of such charges shall be treated as unpaid sale price under this Agreement and the Vendor shall be entitled to cancel the Agreement and forfeit the ▇▇▇▇▇▇▇ Money along with the Non Refundable Amounts and the balance amount, if any, shall be refunded to the Vendee. If the EDC/IDC/▇▇▇ and or/ increased EDC/IDC/▇▇▇ is levied (including with retrospective effect ) after execution ...
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Statutory Demands. The Company has not received any unsatisfied demand under section 459E of the Corporations Law, or been taken to have failed to comply with a statutory demand as a result of the operation of section 459F(1) of the Corporations Law.
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Related to Statutory Demands

  • Statutory Notices Notwithstanding anything to the contrary in this Section 15, any written notice, other than as specifically set forth in this Section 15, required by any statute or law now or hereafter in force is hereby waived by Tenant to the fullest extent available under law. Any notice given by City pursuant to Section 15.1 may be the notice required or permitted pursuant to Section 1161 et seq. of the California Code of Civil Procedure or successor statutes, and the provisions of this Lease will not require the giving of a notice in addition to the statutory notice to terminate this Lease and Tenant’s right to possession of the Premises. The periods specified in Section 15.1 within which Tenant is permitted to cure any default following notice from City will run concurrently with any cure period provided by applicable laws.

  • Statutory Rights Nothing in this Clause 17 shall be construed as restricting the rights of the Executive or the Company under sections 39 to 43 Patents ▇▇▇ ▇▇▇▇.

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  • Waiver of Statutory Rights To the extent permitted by law, Mortgagor hereby agrees that it shall not and will not apply for or avail itself of any appraisement, valuation, stay, extension or exemption laws, or any so-called “Moratorium Laws,” now existing or hereafter enacted, in order to prevent or hinder the enforcement or foreclosure of this Mortgage, but hereby waives the benefit of such laws. Mortgagor for itself and all who may claim through or under it waives any and all right to have the property and estates comprising the Property marshalled upon any foreclosure of the lien hereof and agrees that any court having jurisdiction to foreclose such lien may order the Property sold as an entirety. Mortgagor hereby waives any and all rights of redemption from sale under any judgment of foreclosure of this Mortgage on behalf of Mortgagor and on behalf of each and every person acquiring any interest in or title to the Property of any nature whatsoever, subsequent to the date of this Mortgage. The foregoing waiver of right of redemption is made pursuant to the provisions of applicable law.