Rent owner is in debt and bank asked us to vacate the property.
I'm from Ernakulam, Kerala. On 14 August 2024 a People's co-operative bank manager came to my boutique and informed us that my land owner has taken loan on this land and has failed to pay the emi since many months. And he told us that in 15 days he will get court order and we will have to vacate the boutique within 15 days.
I was unaware of the loans my land owner has taken and I tried to reach out to him but he has abscond. I've given a deposit of 4lakhs to the owner My rent agreement was from 1st July 2023 - 1st June 2024 (11 months) which I've not renewed since my land owner was unable. This property has 6 shops (including mine). I'm thinking of talking to the bank manager to give us few more months since I was unaware of any of this.
1. Do I have any rights to stay in the same boutique.
2. Will the bank (People's co-operative bank) get court order? And will we have to vacate the boutique in 15 days?
3. Please let me know what I can do to stay here for few more months since my deposit is with the land owner.
4. Should I go talk to the bank manager to give me more time and let me run my boutique since it's peak season of sales.
Any extra opinions would be appreciated. Tha k you in advance.