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Symbolic Possession Notice pasted by bank on Building.
06-Jan-2023 (In Property Law)
I leave in a flat of a multi storied building which have 10 Flats in total. Our builder have became a guarantor for a loan by mortgaging the Sale deed of the plot on which multi storied building is build.We have 7 registries of the flat which are done before the plot was mortgaged. 1)Do bank have any right to take the possession of this building in this case? 2)What legal action we can take against bank and builder. 3)In my sale deed of the flat,flat no,plot no,khasra no. and complete address is correct but in place of "Sector-A" "Sector B" is mentioned.Does my sale deed becomes fake ?
Yes bank can proceed for taking possession of the property by complying the requisite procedure of section 14 of SARFAESI Act before the District magistrate but you can definitely file an objection before the DM showing yourself as the Bona fide purchasers of the flats and copy of the sale deed.
So far as regards to the typing mistake in your sale deed regarding sector A instead of sector B for that you can file amendment for the same before the sub registrar office and get it registered too
So far as regards to the typing mistake in your sale deed regarding sector A instead of sector B for that you can file amendment for the same before the sub registrar office and get it registered too
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Answer No. 1- No, the bank does not have any right to take possession of the building as the subject mortgage by the builder is a fraud played against the owner of 7 flats. apart from this, the bank has also not executed valid mortgage since it was required to check execution of sale deed in favour of the owners apart from conducting the proper title search.
Answer No. 2 You can file a case of cheating and forgery against builder and bank both as bank could not mortgage the plot and especially 7 flats (the title of which is already in the name of 7 respective owners).
Answer No. 3 Certainly, the sale deed executed in your favour is not valid, but the same can be rectified easily by way of execution of another document in your favour by the builder.
Note: The above answer is based on the query raised by you and without perusing the documents, however, a proper answer could only be given subject to perusing of all the documents discussed in this regard by you.
Answer No. 2 You can file a case of cheating and forgery against builder and bank both as bank could not mortgage the plot and especially 7 flats (the title of which is already in the name of 7 respective owners).
Answer No. 3 Certainly, the sale deed executed in your favour is not valid, but the same can be rectified easily by way of execution of another document in your favour by the builder.
Note: The above answer is based on the query raised by you and without perusing the documents, however, a proper answer could only be given subject to perusing of all the documents discussed in this regard by you.
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Adv. Mayank Upadhyay
Bhopal | 25+ Answers
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1) The Bank does not have any right to take possession but for resisting the Bank you will have to file representation, if in a Court proceedings are being held against the Builder.
2) You can file a civil suit against the Bank and the Builder, for declaratory decree under Section 34 of the Specific Relief Act, 1963.
3) You should also apply for temporary stay order under to resist the Bank from taking possession until the proceedings mentioned above are not disposed.
4) You can also file a petition under Section 38 of the Specific Relief Act, 1963 for Perpetual Injunction against the Bank and the Builder simultaneously with the proceedings mentioned above.
2) You can file a civil suit against the Bank and the Builder, for declaratory decree under Section 34 of the Specific Relief Act, 1963.
3) You should also apply for temporary stay order under to resist the Bank from taking possession until the proceedings mentioned above are not disposed.
4) You can also file a petition under Section 38 of the Specific Relief Act, 1963 for Perpetual Injunction against the Bank and the Builder simultaneously with the proceedings mentioned above.
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Adv. Sandeep Naik
Indore | 200+ Answers
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