Sale deed by registered irrevocable power of attorney
Manoj
(Querist) 07 December 2011
This query is : Resolved
Vendor gave a registered irrevocable power of attorney dated 1-12-2008 in favour of purchaser i.e. a pvt ltd co. for the value of Rs. 1,00,00,000/- bearing stamp duty of 6,50,000/- . In the irrevocable power of attorney it is mentioned that vendor hands over the vacant possession of the land to the purchaser and he has received full consideration of the land.
N.A. permission is obtained on 11-2-2009
Thereafter, on 14-02-2009 sale deed is executed on the basis of this irrevocable POA by purchaser i.e. pvt ltd co. in its favour on the stamp paper of Rs. 100/-
Thereafter the purchaser i.e. a pvt ltd co. floats a residential scheme after necessary permissions of concerned authority.
Now my query is :
(1) Whether the above transaction amounts to a valid sale.
(2)Whther N.A. permission obtained after execution of irrevocable POA and before execution date of sale is valid.
(3) Can any bank finance this scheme, if not then on what grounds bank cannot finance the scheme.
(4) If Bank has already granted loan on number of individual units on scheme built on this land then what is remedy available with the Bank.
(5) how can Bank protect its interest, what can be done by Bank it it has already finance few units.
R.Ramachandran
(Expert) 08 December 2011
Dear Mr. Manoj,
I believe that you represent the interests of a Private Limited Company and the value of the land itself is of Rs. 1 crore and is trying to do real estate business.
Would it not be proper for you to approach a lawyer, afford his fees and then get an appropriate legal opinion in this matter, instead of trying to get some reply free from this website?
Devajyoti Barman
(Expert) 08 December 2011
Yes I endorse the views of Mr Ramachandran.
prabhakar singh
(Expert) 08 December 2011
I too.But he was being responded continuously
until Mr. Ramachandran pointed out.
Manoj
(Querist) 08 December 2011
thank for reply to all experts.
I would like to mention here that I am not representing any real estate company. I want to protect the interest of the Bank that's what my intentioin is. Thanks to all experts for their reply.
Raj Kumar Makkad
(Expert) 09 December 2011
If your intension is same as you posted at last then your query is alright and accordingly replies have been posted.
Manoj
(Querist) 10 December 2011
Good Morning & thank your sir
R.Ranganathan
(Expert) 11 December 2011
You have stated that it is in Bank's interest. You must be aware that each and every Bank has a panel of lawyers to safeguard its interests.
Manoj
(Querist) 12 December 2011
agreed sir, thanks sir
