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Author Topic: Legal rights of a third party which is an intended beneficiary of a contract.  (Read 855 times)

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Offline mukesh1951

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A builder sells under construction house to B in his project. B has paid 90 % of the cost. While the house was under construction, A mortgages the land and house under construction to a Bank and borrows loan for the project.  A defaults  and the bank sold the property to recover loan.   As per RBI Instructions to the bank, bank has to ensure that the purchasers of houses in such project are informed about the mortgage. B was neither consulted nor informed about the loan either by the builder or by the Bank.   Can B sue the bank for not informing him. The B is third party but was the intended beneficiary under the mortgage contract between the builder and the bank. violation of RBI Instruction by bank is deficiency in services.  What is the opinion as per Consumer Protection Act or the TPA Act. ?

Offline adv.amarnath

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  • Advocate Amarnath Sanyal from Kolkata, West Bengal
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You are aiming wrong person to sue and later you will find that you have wasted several time against wrong person. RBI rules are applicable to those intending purchaser who has registered there agreement for sale. If your Agreement for Sale is an registered Instrument, then bank should have informed you. Now you have to target the Developer under the Consumer protection Act for his deficiency of service and unfair trade practice and get back the entire earnest money with interest, compensation, etc etc.

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