Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Society not ready to give noc in bank format

(Querist) 04 March 2015 This query is : Resolved 
Hi,

I applied for Balance Transfer (BT) from DHFL to Bajaj Finance and is about to disburse. But now to process BT, Bajaj Finance requires NOC in their format which society is not ready to give. Bajaj Finance implied that if I can get the NOC atleast stating Society have no Objection for me to mortgage with Bajaj Finance then there will not be any legal issues. Society is not ready to give that in writing. Please suggest is there any law/byelaw/or under Society's act wherein I can show to Society Secretary / Chairman that it not wrong in giving in writing that its Ok for Society for me mortgaging with bajaj Finance.

Please advice on other alternatives/suggestion on way forward to get the issue resolved.

Thank You
Shrinivas Chatla
Guest (Expert) 04 March 2015
Society cannot be dictated by the terms of the finance company. The society is governed by its own byelaws. You may read the byelaws in the office of the secretary of the society or you can apply for a copy of the same to the Registrar of Societies.
ajay sethi (Expert) 05 March 2015
what is the reason why society is refusing to give noc? complain to registrar
Rajendra K Goyal (Expert) 05 March 2015
Why the society is refusing in giving the NOC?

Whether the NOC contains any clause which is not agreed upon by the society?

Ask the Secretary to obtain legal opinion from their lawyer on the issue. If they do not agree, send legal notice and file case.
T. Kalaiselvan, Advocate Online (Expert) 08 March 2015
The society cannot be compelled to give NOC on such issues. The loan is based on the title documents and other confirmations. Insisting on NOC from society on the issues which society is not inclined to do will be illegal. Find out the reasons and change the financier if necessary.


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :