Whether loan can be availed/borrowed

Manoj (Querist) 20 March 2012 This query is : Resolved
Land belongs to a Sarkari Karmchari housing Society Ltd. The ssaid Society had alloted plot of land by allotment letter, share certificate and Sanad.

"A" is issued Allotment Letter, Share certificate and Sanad in respect of a plot of land. A constructeed house after obtaining necessary permission and plan from concerned authority. Now the said society goes in to liquidation therefore the members holding the share had to give the shares back/surrender and letter for the same was issued to the members.
However the name of society is recorded in the revenue records as owner. AS "A" has been alloted plot his name appears as owner in Property card as owner. The liquidator has taken control of the administration.

Now My query is as follows :

(1) Is "A" still the owner of the plot as shares have been given back to the Government.Though he holds the Allotment letter,Sanad has been issued to him, his name has been recorded in Property cards as owner of the said plot.

(2) Is "A" now holding as a freehold property as Liquidation officer has taken over the entire society

(3) Can A borrow loan on the basis of the above douments

(4) Can "A" transfer the said plot of land to others and if yes what are the documents that are required to be collected.

(5) Can "A" borrow loan and can a valid mortgage be created in favour of Bank.

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Raj Kumar Makkad (Expert) 20 March 2012
1. Yes.

2. Liquidator has got no right to take over the freehold property which was purchased from the society under due consideration.

3. Yes.

4. Yes and the documents are the same which are under possession of A.

5. Yes.