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Author Topic: Property Loan Issue  (Read 1390 times)

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Offline manojna

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Property Loan Issue
« on: October 17, 2015, 10:44:41 PM »
Respected Members,

I'm posting this query on this forum to get some valuable feedback on possible legal remedy(s).

I purchased (registered) a flat/apartment in JAN 2014 in Bangalore from a builder. The builder has shown the original papers of the property and gave EC certificate which did not shown any existing encumbrance. Similarly couple of other people had bought and registered the flat in their names during Jan-June 2014.

In Aug 2015, i received a notice from a private bank indicating that the builder has defaulted an home/mortgage loan (abt a one CR)which was taken in 2012 and the bank has first charge on this scheduled property which left me shocked.

After this I am not able to trace/reach my builder as he changed his phone number and shifted his residence also.

I have logged an compliant followed with an FIR at the local police station, but there is n't much action from Police as mine being a bucked as Civil Issue/Case.

When I followed up with bank recently I got an reply saying the builder has defaulted on his regular EMI's for last 3-4 months. Further the bank people told me they have an issued a Possession Notice recently and would be taking possession of the whole property with intention of auctioning the same under SARFAESI ACT 2002.

Now I am left with no other option and decided to file a legal suit against the builder. Would request your feedback/opinion on the below queries:

a. Can I approach the CIVIL court and get a stay on auction of property?
b. Would CIVIL court interfere in an SARFAESI case?
c. Can I approach Debt Recovery Tribunal (DRT) against the bank/builder as an bone fide 3rd party purchaser affected/aggravated by the SARFAESI?
d. Is there a remedy through CIVIL Suit/DRT case to recover my property or my money from the builder?
e. Should i be filing a WRIT petition to approach HC? Would HC entertain such WRITs in SARFAESI cases?
f. What would be best option to trace such absconding person?
g.Any other legal remedy/action which help me recovery my money or get back my property from the current legal tangle?

Please help me with your valuable suggestions/advice/inputs for the above case.

Offline adv.amarnath

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Re: Property Loan Issue
« Reply #1 on: October 18, 2015, 09:29:11 PM »
Apparently I can say you have to fight all upcoming cases in respect of the property. But I did not understood that why you have not caused proper Searching and Investigation in respect of the Multi-storied building.

Generally Civil Court has not jurisdiction to interfere into DRT cases and do not give injunction/ stay for further proceedings of those cases. I do not know whether your flat has been registered in your favour or not. You have solution in this regard but you have to file counter case. You have very limited time as possession notice is already being given.

Moreover, it is not possible to give legal suggestion, advice and steps over this open forum. You can contact me with all softcopy of related documents.

Amarnath Sanyal
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Mob - 09830303322

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Re: Property Loan Issue
« Reply #1 on: October 18, 2015, 09:29:11 PM »


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