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Builder default payment of bank loan

(Querist) 30 July 2016 This query is : Resolved 
Hi

I have purchased a flat in a residential complex in zirakpur. I bought this flat in Feb 2012 which was under construction . Flat was partially financed by DHFL. I am paying regular instalments to the bank. Builder offered possession in July 2013 (although flat /project was not completed) with taking any completion certificate. I took possesion in Feb 2014

Recently PNB bank has pasted a notice on
main gate of the society that builder has to pay approx 29 crores and have taken symbolic possession of the property

As per notice builder has to pay rs 29 crore wef 01.07.2015

Our flat has not yet registered

Please advise how is this going to effect our rights and what are the actions we shall take .

We have paid in full to builder and regularly paying our instalments to DHFL

As per Lending (PNB) bank builder has about unsold 60 flats in project


regards

Daksh Goyal
Kumar Doab (Expert) 30 July 2016
Had you conducted due diligence before making full payment you might have come to know of default.


All affected parties may join list of creditors and engage a very able counsel specializing in such matters.


Do unsold 60 flats are sufficient for the payment of debt to M/s PNB?


Bank shall go for e-auction, later.




Rajendra K Goyal (Expert) 30 July 2016
Whether your Banker got a letter from PNB regarding de-mortgage of your flat or Whether builder provided the certificate that the flat is not mortgaged / has not been financed by any other institution before it was financed to you?

If the builder has issued not mortgaged letter regarding flat, lodge FIR against the builder for fraud and cheating.

Discuss with local lawyer and take stay against symbolic possession of your flat.

Jointly should lodge FIR against the builder.
Daksh Goyal (Querist) 30 July 2016
Hi

Thanks for your response. Actually we paid final amount in feb 2014

Are we liable to pay to pnb in case they are not able recover full outstanding by sale of unsold flats and other attached property of builder


If yes what is the criteria


Rajendra K Goyal (Expert) 30 July 2016
Apparently, something big is missing in your query, either your Bank was in mistake or PNB was at fault, can be verified from the documents. Builder managed to commit fraud / such activity due to lack of supervision / vigilance and or with connivance.
Rajendra K Goyal (Expert) 30 July 2016
The fact of payment liability on you depend on the discrepancy / detail in the documents / facts of the case.

If you knew the fact of PNB finance, you should have paid the money to PNB and got the flat free at the time of purchase.
Daksh Goyal (Querist) 30 July 2016
Builder has given letter to my bank at the time of purchase

Pnb has not yet sent any letter to personal flats. They have just posted notice on main gate of society

Kumar Doab (Expert) 30 July 2016
"They have just posted notice on main gate of society'


All affected parties may join hands and engage a very able counsel specializing in such matters, ASAP.
Rajendra K Goyal (Expert) 30 July 2016
Language of letter need to be referred, if he confirmed that the flat is not mortgaged / free from encumbrance, he has cheated and criminal case along with case in consumer court need to be filed along with stay application for recovery by PNB.
Daksh Goyal (Querist) 30 July 2016
Yes letter confirms the same

We have already filled consumer case against builder but have not covered this point as this is a recent development

Our consumer case is at evidence stage of op. Can this be added now in our case

Rajendra K Goyal (Expert) 30 July 2016
You should proceed to file FIR against the builder for cheating / hiding fact of mortgage of project with PNB and taking full money from you.
adv.bharat @ PUNE (Expert) 30 July 2016
File FIR for cheating against builder.
Need to file separate criminal case.
Kumar Doab (Expert) 30 July 2016
You can benefit from the advise of experts and act ASAP.
Guest (Expert) 30 July 2016
Dear Daksh Goyal,

Please take a snap of the notice of the PNB and get that examined suitably by some capable lawyer to guide you about further course of action, as based on analysis of the contents of the notice. Any delay may cost dearly to the flat owners.
Daksh Goyal (Querist) 09 August 2016
Thanks sirs for your guidens . We have came to know that pnb took over loan of builder in sept 2013 from other bank . Whereas my loan was disbursed. From dhfl during April 2012 .

Can this help us in any ways

Regards
Kumar Doab (Expert) 09 August 2016
Apparently builder has obtained loan for whole building and loan is currently with M/s PNB.


You have got the flat sold to you, thru loan from M/s DHFL.

The question arises whether these facts fail claim of M/s PNB that has to recover the loan on building?


You are in the legal web.



It has been suggested many times that you must ASAP approach a very able counsel and Act.
Guest (Expert) 09 August 2016
It is not the question, who disbursed loan to you for your own flat, the part of the building. The question is, who disbursed construction loan to the builder and whom the builder owes the installments of his own loan and why he has not paid.

However, takeover of loan by PNB without notice of the flat owners is not understood.

Anyway, as earlier advised, must consult some capable lawyer to guide you properly after examination of your flat documents vis-a-vis the notice of PNB.
Kumar Doab (Expert) 09 August 2016
Author @ Daksh Goyal,


The last posts by me and Expert Mr. Dhingra are in response to your last post.


Your last post indicates your latest perception.



It is reiterated that you may approach a very able counsel with all docs on record for a considered opinion ASAP and act.



M/s PNB is acting systematically and shall act further, also.


H.M.Patnaik (Expert) 02 September 2016
vERY WELL ADVISED.


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