(Querist) 29 January 2011
This query is : Resolved
My friend has a peculiar but grave problem. He had booked a flat in the year 2003 with a politically connected Promoter at Kolkata by paying Rs.1.5 Lakhs. The cost of the flat was Rs.10 lakhs. He had further taken loan of Rs.7.5 Lakhs from the Bank who paid the amount directly to the promoter. Bank did not keep any collateral security nor mortgaged the flat. After some time my friend needed money badly for treatment of his family & told the Promoter that he does not want the flat & want his money back. Then the promoter paid Rs.2.5 lakhs to the Bank against the loan account & Rs.1.5 lakhs to my friend. Then in presence of the Bank Manager, one written document on Rs.50/- stamp paper was made where in it was written by my friend that he is handing over the right of the flat subject to the Promoters paying the balance loaned amount of Rs.5 lakhs to the Bank against his loan. After that the Promoter sold & Registered the sale deed to another person at a much higher rate but did not clear the loan amount to the Bank lying in my friends name. The loan has now become Rs.7.5 lakhs with interest. It has now become NPA. Bank is threatening my friend that they will file FIR or take action. The promoter is still going on giving assurances but stated that if my friend goes to Police or Court then forget the money. My question to the learned experts is : (1) Since the handing over the right of the flat by my friend was conditional i.e. subject to paying the loaned amount to the Bank, can the promoter sale the flat to any third party with out fulfilling the condition? (2) If he can not sale then is not the sale invalid & void at Law? (3) Has not the promoter committed fraud by selling the flat which he can not do? (4) Some one advised to make FIR immediately. Should we do that? If yes then what sections will be applicable for this case? (5) What should we do now? If suit to be filed what are the offences we should mention & what are the sections for those offences? My friend has believed that politician cum promoter & has now become helpless. He is now ruined. Our learned Experts may kindly help by giving elaborate guidance. Thanks sirs.