Sonam 25 May 2018

Received damaged registy papers from idbi bank

I closed my loan with IDBI Bank, during the foreclosure, the original registry documents I received were found damaged. The text is clear however, pics on the first page are missing, stamp on last page is missing. Now I have sold this flat and the buyer has taken loan from IndiaBulls. Registry was done yesterday but when the bank lawyer came he said he cant handover the DD to me as the registry papers are not in right condition. I had accompanied the papers with : 1. Certified copy of the registry 2. Acknowledgement from IDBI (my mortgaged bank) that they are responsible for the damage. Now Indiabulls have kept the original papers (I am carrying the receivable note from them) that they would like their legal team to verify the documents and then revert to us. Please advise if I should put a stop to the registry, or wait for India Bulls to revert?

Reply Follow

3 Replies

Adv Deepak Joshi +917017821512 (Advocate) 25 May 2018

As you have mentioned register is already done you cannot do much in that.

You can wait for the bank to revert, assuming in the sale deed you have mentioned DD details for the sale of flat.

As per law consideration can be paid later on after registering sale deed , if it is not paid then deed can be cancelled.

Kumar Doab (FIN) 27 May 2018

M/s IDBI bank is liable to keep the documents clean, crisp, un-damaged, unsoiled etc .

Otherwise IT is liable to issue clear communication that docs are damaged while in IT’s custody and IT is liable to reconstruct at IT’s cost and bear costs in case of any loss.

The certified copy is issued after due procedure and is as god as originals..

M/s Indiabulls must have obtained all docs from your buyer (that was given to buyer by you) and had sufficient time to examine and object.

You are having your own discretion to agree or object.

However you must submit a gentle communication narrating instances and that all docs as required were submitted by you in time to both lenders……so that your interest is protected, as far as getting payment from M/s India Bulls and damages/compensation in case IT is to be pressed by you.

Kumar Doab (FIN) 27 May 2018

IT shall be appropriate to get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in property/civil/consumer matters and well versed with applicable rules/laws and having successful track record…. and worth his/her salt , before you agree or decline and let your counsel draft after examining all docs and communications on record.

You can also pick up relevant points from similar queries by searching thru SEARCH option in threads, Articles, Files e,g;

https://www.lawyersclubindia.com/forum/Icici-bank-the-worst-bank-72894.asp

and judgments in similar cases....