A Division Bench of the Delhi High Court has held that a Memorandum of Family Settlement “does not require registration because neither any new right is sought to be created nor extinguished, only the manner of enjoyment of suit property has been delineated, which does not result in the creation of any right”.
The Bench further held that “Modification, novation and alteration of a contract is regulated by Section 62 of the Indian Contract Act, 1872. Its first requirement is that the parties to the contract agree to substitute a new contract… The second requirement is that there should be an intention to substitute the previous contract with a new contract…”.
It was observed that once the respective shares of the family members were identified by a memorandum of family settlement, a Builders’ Agreement entered into for construction of a building, will not result in its modification or novation. The appeals was dismissed.
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