Revocation or variation of Gift with reservation of right of lifetime enjoyment

³⁴[(1) A gift under section 122A shall be irrevocable after registration, except-

(a) by mutual consent of the donor and the donee expressed in a registered deed where it is necessary to vary, revoke, or otherwise deal with the rights created under section 122A to meet any financial, medical, educational, family or other genuine necessity; or

(b) where the consent of either party cannot be obtained because of minority, disappearance, unsoundness of mind, legal incapacity or any other sufficient cause, the District Judge may, upon an application by the other party, authorize such variation, revocation or dealing with the rights created under section 122A on the grounds mentioned in clause (a).

(2) Before making an order under clause (b) of sub-section (1), the District Judge shall-

(a) give notice to all interested persons;

(b) make such inquiry as he considers necessary; and

(c) be satisfied that the application is made in good faith.]