Borrowers should take out intervenor application and file application for setting aside orders of attachment
2) take the plea that they are absolute owners of plot as they purchased it by registered sale deed
Rights of land owner in respect of property mortgaged by real estate developer to a bank
One real estate developer developed a layout sold plots to 100s of people.4 years later he fradulently deposited link documents to a bank to obtain a loan and defaulted . Bank wants to proceed to sell the property mortgaged. What are the rights of original buyers who purchased the property prior to the mortage date and ECs are are also showing their names.borrower fradulently mortgaged property and Bank has not verified Ecs and physical inspection of layout property. Court attached property at bankers request thinking that it is borrowers property.No information to plot owners since they are not party. Kindly suggest how to proceed now. Satish babu n
Asked 4 years ago in Property Law
Religion: Hindu
7 Answers
The affected parties should file an application before the court where the case is pending as necessary parties to the suit.
The parties should file their objection and written statement and also a petition to vacate the attachment order.
They should fight the case on merits as well as the documentary evidences in their possession.
Original plot owners are in enjoyment and possession of proprty since 30 years presently bank case is in court final stage .whether we have to implead or contest after the decree is awarded.
Asked 4 years ago
You can implead yourself as party before a verdict is passed by the court agaisnt the builder which would be against your interest also.
Instead of catching an object which flying, you can capture the same while it is still under your control.
A stitch in time....
You should make application for being impleaded as party
don’t wait for decree to be passed
The original owner needs to first take a stay on the same against mortgage and sale. File FIR against builder and seek specific relief by filing suit immediately
Hi
It appears to be a collusive suit wherein the banks have miserably failed to conduct physical verification of property and also check the Encumbrance certificate.
If no decree has been passed either by civil court/debt recovery tribunal, kindly file an implead petition outlining the fact of sale and you being in possession.
Any court (civil court/debt recovery tribunal) will take cognizance of the facts and will pass decree in your favour.
Please do not wait for the decree as then it will become costly for you to file an appeal and negate the decree thereafter.
It is always advantageous to implead yourself and protect your ownership, title, interest in the trial stage itself.
Also in an implead petition, there will be no court fees payable by you to the court and whereas in an appeal, you need to pay court fees which will run in to lakhs . Also since there are more than 100 odd people, definitely court will appoint an commissioner to find out the fact and then pass appropriate orders both against the bank and real estate developer.
Hope this information is useful.
Submit application as interested and affected parties. Contest the case now. Submit sale agreement copies to court and seek order declaring the mortgage agreement void.
Note that the said mortgage agreement is void in law. You just need a court order to this effect.
