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Sarfaesi act

(Querist) 19 April 2014 This query is : Resolved 
I have purchased a flat in Ahmedabad by taking partial loan from SBI. The Agreement to Sale (Banakhat) without possession was signed on 25 December 2010. The loan was sanctioned by SBI on 9 February 2011 after verifying all relevant documents. The sale deed was registered on 2 November 2012 and the builder issued possession letter on 1 December 2012. Now SBI has issued a letter on 12 April 2014 to me stating that the builder has availed a loan from SBI on 5 May 2011 (subsequent to my agreement to sale as well as my loan from SBI) by mortgaging the land and hypothecation the buildings constructed out of the bank's finance. The letter from SBI says that as per the agreement between the builder and the bank, the builder was supposed to take NOC from the bank before issuing the possession letter and in my case it was not done and as such the flat is still under the possession of SBI. further the letter says that SBI is going to invoke SARFAESI act. There are about 100 such apartment owners like me. Kindly clarify whether I have any legal protection against the bank in so far as I have signed the agreement with the builder as well as the bank before the builder mortgaged the land.
Advocate. Arunagiri (Expert) 19 April 2014
Do you mean to say that
1. The builder had taken a loan from SBI showing X property.

2. The builder had sold the same property X to you, for which you have also availed a loan from SBI.
Koshy Tharakan (Querist) 20 April 2014
Yes Adv. Arunagiri. Out of 140 flat owners, the builder obtained NOC from SBI for 40 flat owners. The remaining 100 were given Possession Certificate directly by the builder. In my case, the builder availed loan from SBI after I have signed the agreement for sale and obtained the loan from SBI. Thus, the search of documents by the Advocate did not show any liabilities on the property while taking the loan from SBI. There are 4 to 5 such cases out of the 100, who had obtained loan from SBI prior to the loan sanctioned to the builder.
Rajendra K Goyal (Expert) 20 April 2014
SBI was negligent in sanctioning loan to builder on the same flat for which you have already taken loan from the same Bank. Write to Bank regarding the same. Reply the letter. take help of your lawyer.
Advocate. Arunagiri (Expert) 20 April 2014
I am of the opinion, the builder and bank had colluded in this.

Take up the matter to the Central Vigilence cell.

Whether you have received any SARFAESI notice from the bank?

Advocate. Arunagiri (Expert) 20 April 2014
I am of the opinion, the builder and bank had colluded in this.

Take up the matter to the Central Vigilence cell.

Whether you have received any SARFAESI notice from the bank?
K.K.Ganguly (Expert) 20 April 2014
1. Has SBI taken depoit of the Sale Deed of your Flat from you duly creating equatable mortgage on the said flat?

2. SBI is contemplating invocation of SARFAESI Act on whom & under what section?

3. The Bank was aware of the fact that the builder has taken loan by mortgaging the land and also that flats have been constructed thereupon & NOC was also given by the Bank for sale of flats to few Flat owners,

4. In the whole process you were neither aware of the builder's mortgaging the land nor have been barred by the Bank in taking loan from it,

5. The Bank itself has given loan to you by mortgaing your flat which has been constructed on the land mortgaged by the builder to the same Bank,

6. Unless you become defaulter & your loan account becomes NPA, the Bank can not do any thing to you legally,

7. The Bank has made mistake, not you. So, nothing will happen to you legally,

8. Relax.
Biswanath Roy (Expert) 20 April 2014
It is a clear case of irregularities and a sheer mistake of the Bank. You cannot be the victim of SARFAESI ACT UNDER ANY CIRCUMSTANCES.
Koshy Tharakan (Querist) 21 April 2014
Thanks Adv. Rajendra K. Goyal
Koshy Tharakan (Querist) 21 April 2014
Thanks Adv. Rajendra K. Goyal
Koshy Tharakan (Querist) 21 April 2014
Thanks Adv. Rajendra K. Goyal
Koshy Tharakan (Querist) 21 April 2014
1. Thanks Adv. Rajendra K. Goyal.
2. Thanks Adv. Arunagiri.
3. Thanks Adv. K.K. Ganguly. Yes, my registered sale deed is deposited with SBI in November 2012.
4. Thanks Adv. Biswanath Roy.
Koshy Tharakan (Querist) 21 April 2014
1. Thanks Adv. Rajendra K. Goyal.
2. Thanks Adv. Arunagiri.
3. Thanks Adv. K.K. Ganguly. Yes, my registered sale deed is deposited with SBI in November 2012.
4. Thanks Adv. Biswanath Roy.
Koshy Tharakan (Querist) 21 April 2014
1. Thanks Adv. Rajendra K. Goyal.
2. Thanks Adv. Arunagiri.
3. Thanks Adv. K.K. Ganguly. Yes, my registered sale deed is deposited with SBI in November 2012.
4. Thanks Adv. Biswanath Roy.
T. Kalaiselvan, Advocate (Expert) 21 April 2014
I agree with the views expressed by learned Mr.Arunagiri as well as learned Mr Rajendra K Goyal. There seems to some fraudulent activity going n in this respect with the bank official and the builder are hand in glove with each other on the scam. You may initiate appropriate legal action as advised by experts for permanent relief.


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